At long last, I'm nearly 55

daibeer · 29-03-2011, 19:14

Hi all
Im after some info. I'm 55 on the 22nd April 2011 and obviously my pension kicks in and I have two questions. (1) How much is taxed and (2) does it make any difference if I am unemployed?
Looked forward to any replies.
regards
Dai

**nasher546** · 29-03-2011, 20:40

Dai,

We all have to pay tax. It just depends on what other incomes you have comming in which will depend on how much tax you pay on your pension.

If you are unemployed I would imagine you would pay the lowest tax possible.

**Gwyn Nicholas** · 29-03-2011, 20:43

Dai, after your allowance it is taxed at the usual rate. Next years allowance is 7435 so you will pay 20% on the rest. If you were employed and claiming your tax allowance against your wages ,you would pay 20% on all of your pension, if your wages were £35,001 + you would pay 40% tax on your pension.

And if you stay on here too long asking questions ,the thieving swines will probably tax you for that as well!

**MikeCarey** · 29-03-2011, 22:52

I think it is ridicules that you are taxed a higher rate on your pension if you have another wage, as Glynn says you are obviously going to take your tax allowance on your main wage, my gripe is that my pension and wage combined is less then £35K, but somebody that is earning £39K in their main wage will have their tax allowance against that, I think your allowance should be as long as you are not earning over a certain amount your allowance should be for the combined wage and pension.

**tony.t.corbett** · 29-03-2011, 22:52

Hello Dia,
Congratulations on reaching 55 what Gwyn says is right if you get to much in benefits they take it from your pensions. Why not come and join the League of Friends Dinner at the Ramahada on the 16thof April and swap stories with other pensioners And if you know other LoF members in your area bring them with you.
regards
Tony Corbett

**evans70** · 30-03-2011, 08:10

Originally Posted by daibeer

Hi all
Im after some info. I'm 55 on the 22nd April 2011 and obviously my pension kicks in and I have two questions. (1) How much is taxed and (2) does it make any difference if I am unemployed?
Looked forward to any replies.
regards
Dai

Hi Dai I think you will find as your Pension is your only form of income you will pay at a reduced rate. All the best for the 22nd

Ianto 70.

daibeer · 30-03-2011, 08:58

Hi all
Thanks for the info. I would love to attend the reunions but Im afraid they are always on busy periods and were full. But, we do plan on atending when we sell the Guesthouse. Regards to all
Dai

**jungle1810** · 30-03-2011, 15:44

Hello Dai,
We had a saying many years ago when I was a youngster. It was " You only have two things to do in life that is pay taxes and die" But sad to say even that old maxim is out of date today. The ministry of pensions are probably working on how they can tax you after death, even above the death duties at present in vogue. The very best of luck to you Dai
Regards RBD aka jungle1810