I retired in November 2018 and had always been on the PAYE system during my employment. My pension, of course, is significantly less than my previous salary but I received a tax code which removed all my tax allowances. Effectively, my pension is now being taken at 40% with no allowance.
How can this be? I've contacted HMRC but received only a vague explanation about spreading the tax bill over 12 months. By my reckoning, at the end of March 2019, I'll have paid many hundreds of pounds too much in tax.
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