After reading El Cid's very informative update on income tax in the FAQ's, I think have a good general understanding of the tax rules and requirements, except when it comes to annuity pensions.
My wife was widowed when very young and since then has recieved an annuity pension she purchased at the time from a pension pot she inherited from her late husband.
Initially we were going to use the % reduction suggested in the guidance based on the age she started recieving it, but not too sure if in this case we are entitled to any as the pot was inherited.
Any help would be appreciated (and many thanks to El Cid for a fab tax guide)
annuity pension and income tax return
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Re: annuity pension and income tax return
The key point is that she bought the annuity - where the money came from is not really the issue.
Just declare the discounted amount on your tax declaration. I doubt that any questions will be asked. If you use a third party to do your declaration you will need to ensure that he accepts that it qualifies.
Sid
Just declare the discounted amount on your tax declaration. I doubt that any questions will be asked. If you use a third party to do your declaration you will need to ensure that he accepts that it qualifies.
Sid
Re: annuity pension and income tax return
Many thanks Sid
Andrew
Andrew
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