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Benefits

Community Veteran
Posts: 7,910
Thanks: 591
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Registered: 02-08-2007

Benefits

Is the following statement correct .?
If you get the state pension which is classed as a benefit it is subject to tax .
All other types of benefits are not subject to tax ?
7 REPLIES
Community Veteran
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Registered: 27-10-2012

Re: Benefits

Community Veteran
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Registered: 06-11-2007

Re: Benefits

Quote

If your gross income is more than your personal allowance, you're liable to pay income tax on the amount that exceeds the personal allowance. Different rates of income tax apply depending on the type of income and how much it is. The State Pension is paid to you gross (before any tax is deducted).

The above quote is from a google search on the question.... "Is the state pension taxable"
www.pensionsadvisoryservice.org.uk/.
Community Veteran
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Registered: 27-05-2011

Re: Benefits

I and my wife are now pensioners and we have to employ a firm of accountants to sort out our tax affairs  Roll eyes
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Community Veteran
Posts: 7,910
Thanks: 591
Fixes: 8
Registered: 02-08-2007

Re: Benefits

Quote from: AndyH
https://www.gov.uk/income-tax/overview
AndyH,
Thanks for the link which makes it clear there are a number of benefits subject to tax.
  Smiley
Community Veteran
Posts: 7,910
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Registered: 02-08-2007

Re: Benefits

Quote from: PeterLoftus
I and my wife are now pensioners and we have to employ a firm of accountants to sort out our tax affairs  Roll eyes
perhaps you should have asked HSBC they seem fairly skilled at reducing or eliminating the Tax of customers.
Smiley
nanotm
Pro
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Registered: 11-02-2013

Re: Benefits

not entirely though they seem to be more in the habit of just not informing various nations that customers have accounts with them
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
Posts: 18,544
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Registered: 12-08-2007

Re: Benefits

Yes you have to declare pensions along with all your other forms of income to the tax man. After your allowances are deducted you pay tax on the balance.