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The Book-keepers Forum -> VAT, Payroll & Tax -> lump sum payment at start of pension
Post Info TOPIC: lump sum payment at start of pension
littlebookkeeper


Senior Member

Status: Offline
Posts: 155
Date: Fri Oct 8 18:32 2010
lump sum payment at start of pension
 

Hi,

I have a client who received a lump sum at commencement of his pension, am I right in thinking that this is tax free? This being the case, I do not have to include it anywhere on the SA return?

It was £132k. Anything I should be aware of?

Thanks for reading,

Carole

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PhilMcTankup


Senior Member

Status: Offline
Posts: 158
Date: Fri Oct 8 21:13 2010
 

Hi Carole,

When I started my pension 5 years ago, the first £30k of a lump sum was tax free, rest taxable top slice. Don't know what situation is now, I'm sure someone will post it though.

£132k lump sum, that's one heck of a good pension, must be an ex-banking chief!

Phil

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Dangermouse


Veteran Member

Status: Offline
Posts: 82
Date: Wed Feb 15 14:37 2012
 

No replies here and I'm bumping it as I would really like to know the answer.

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Wella


Expert

Status: Online
Posts: 1863
Date: Wed Feb 15 14:43 2012
 

I don't know much about pensions but the following link seems to indicate that it depends on the scheme.

raher than copy from the DirectGov site I'll just post the link.

http://www.direct.gov.uk/en/Pensionsandretirementplanning/Companyandpersonalpensions/PersonalPensions/DG_10027141

Bill



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Dangermouse


Veteran Member

Status: Offline
Posts: 82
Date: Wed Feb 15 15:02 2012
 

Thanks. I'd done some research and not come up with anything.

Quite fancy that £132k though. According to the link, it could have been tax free. Wow.

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Amanda


Guru

Status: Offline
Posts: 892
Date: Wed Feb 15 22:00 2012
 

wow thats a big pension!!!!!!

Won't be too many of them around in the near future!

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Amanda
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