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Tax or No Tax ?

Pena
by Pena 13 December 2012  |  Comments 1 comment  |  Love Love  0 loves

I am on a career break and pay no income tax, so the % I receive on my saving are gross (I pay no tax on savings). My question is: when I retire and my pension is taxed, will my saving still be paid gross or will they be taxed ?

Thanks.

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Comments (1)

  • MikeGG1
    Love rating 909
    MikeGG1 posted

    There is no single answer. it depends on what other income that you have.

    If your total income is over the Personal Allowance then you will be due to pay tax.

    State Pensions are normally paid without deduction of tax and whatever tax would be due would be deducted by other providers.

    Mike

    Posted on 14 December 2012 | Love Love  0 loves Report

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