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Where Taxpayers and Advisers Meet

25% tax free pension lump sum declaration

qaboos5136
Posts:4
Joined:Tue Jan 21, 2020 5:07 pm
25% tax free pension lump sum declaration

Postby qaboos5136 » Tue Jan 21, 2020 5:38 pm

I retired in late 2018 and opted to take 25% tax free from each of my 2 occupational pensions. The remainder of the pension pot I invested partly in a long term investment and partly in a drawdown annuity which provides me with a monthly income which is taxed at source.

Do I need to declare the tax free lump sums and the sums invested in the annuity and long term investment in my 2018-19 tax returns. If yes, where in the returns would this be asked?

Thanks
Norman

sentinell
Posts:17
Joined:Wed Mar 11, 2009 5:04 pm

Re: 25% tax free pension lump sum declaration

Postby sentinell » Fri Jan 31, 2020 11:37 am

I would say no.

The tax-free lump sums are tax-free, so is irrelevant. So is the monthly income taxed at source, as it has already been taxed.

You don't have to declare investments. Only income from investments. So, unless you are receiving income from your long term investment, you don't need to declare anything.


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