This could be taken as a regular income from your drawdown plan, or as a whole lump sum. It used to be a whopping 55%.Īll pension funds left by someone who dies under the age of 75 can be inherited tax-free. The amount of tax paid on your remaining pension when you die has been cut. Income taxes in Scotland work differently.įind out more: Tax on pensions - see how much you might pay on a lump sum What happens to my pension drawdown plan when I die? These figures apply to income tax in England, Wales and Northern Ireland. So if you took out £50,270, and had no other income from private pensions and the state pension, you'd have a tax bill of £7,540 after taking your £12,570 tax-free allowance into account.
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