So as you will know on this forum, I will be resigning around the 4th Dec and my tax payments are up to date on PAYE.
According to HRMC, as I am up to date with tax and won't be earning over £240 a week in pensions I won't be due to pay tax as I will be finishing work for good.
I spoke to RMPP who said to me that normally they take the tax for the rest of the year and give a rebate some time in the next tax year.
However HRMC tell me, that with my P45 they can adjust my tax code and I shouldn't pay tax after month 2 of my pension ie from around Dec 2020.
I may end up paying tax of around £77 for the rest of the tax year as my code, this year is 1235.
Whatever happens I will get it back as a rebate.
But I will keep you up to date with this (monthly pension) and my tax on my DBCBS and how much tax they take on that and how I claim a rebate, if they over tax me on that.
Let's see what happens.
Btw, RMSPS told me they always take 20% on the first payment (monthly) and then wait for instructions from HRMC.
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This will be interesting to find out - Tax on pension after stopping work
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stephen500
- EX ROYAL MAIL
- Posts: 1458
- Joined: 02 Jun 2007, 04:04