Lucifer Posted August 23, 2012 Share Posted August 23, 2012 I pay tax on my private pension and I wish I paid a lot more, that means I would have a lot more in the pocket. Link to comment Share on other sites More sharing options...
Mikes10 Posted August 23, 2012 Share Posted August 23, 2012 Sorry Old Tup but I have little sympathy for you. If you took a little more interest in how your private pension operates when you were paying into the scheme (that is what you pay in, what tax relief you get, what your employer pays in) and how the income tax system works you would be in a better position to provide an argument as to why you shouldn't pay tax, but of course you haven't. The Personal Allowance for someone aged 65-74 for tax year 2012-13 is £10,500 The basic state pension for a single person is £5600 (approx) HMRC consider the state pension and other pensions as taxible income. Thus if your state pension plus your private pension exceed your personal allowance you pay tax. Link to comment Share on other sites More sharing options...
wiseroni Posted August 23, 2012 Share Posted August 23, 2012 Mind you, if we paid little tax or avoided it like the Greeks and "Cash in Hand" brigade we could have an economy as good as theirs! Not to worry though, we'll manage it in the next few years:D Link to comment Share on other sites More sharing options...
Lucifer Posted August 24, 2012 Share Posted August 24, 2012 Sorry Old Tup but I have little sympathy for you. If you took a little more interest in how your private pension operates when you were paying into the scheme (that is what you pay in, what tax relief you get, what your employer pays in) and how the income tax system works you would be in a better position to provide an argument as to why you shouldn't pay tax, but of course you haven't. The Personal Allowance for someone aged 65-74 for tax year 2012-13 is £10,500 The basic state pension for a single person is £5600 (approx) HMRC consider the state pension and other pensions as taxible income. Thus if your state pension plus your private pension exceed your personal allowance you pay tax. We all whinge about something, even Jesus whinged about Judas " denighing him ", or something like that.:clap: Link to comment Share on other sites More sharing options...
old tup Posted August 24, 2012 Author Share Posted August 24, 2012 Hi Mikes10 I did pay attention to what I payed in to my private pension since the late 70s I put in a good amount weekly which the government matched.It was the opting out scheme,all my workmates took the micky saying I was stupid putting cash in.Well they are scratching and I have got a comfortable carry on so who was stupid?,my point is pensioners should have a larger tax free allowance than now if they have paid their dues all their working life.My comment about not paying any tax was a bit tongue in cheek as I,ve always been a moaning bugger as you may have gathered!.:hihi: Link to comment Share on other sites More sharing options...
Tradescanthia Posted August 24, 2012 Share Posted August 24, 2012 Deleted by myself Link to comment Share on other sites More sharing options...
Mikes10 Posted August 26, 2012 Share Posted August 26, 2012 Well Old Tup, you should have formulated your argument better: just stating "I've worked all my life" and "I shouldn't pay tax on my pension" is not a valid argument. I would like to see the personal tax allowance increased to at least half the national average salary that would take lots of people out of tax, however the basic income tax rate may have to be increased a couple of percent to ensure the treasury get their income, but of course that's a whole new debate. Link to comment Share on other sites More sharing options...
Tradescanthia Posted August 26, 2012 Share Posted August 26, 2012 Deleted by myself Link to comment Share on other sites More sharing options...
lipschitz Posted August 26, 2012 Share Posted August 26, 2012 It's a shame that the government cannot just let pensioners have their money tax free. If you have worked and paid taxes all your life, why not just give them their retirement funds tax free. If you pay into private pension schemes for your benefit when you are older, then that is your choice and you shouldn't be penalised later on for it. If, because of your well paid job you can sit back and retire in comfort, then well done for that. The rules need changing. Link to comment Share on other sites More sharing options...
Janus Posted August 26, 2012 Share Posted August 26, 2012 I work part time due to disablement. I cant wait to retire in 18 months time and get my pensions. my firm is FULL of old buggers working past 65 and this weekend, the bank holiday weekend, all the old buggers have volunteered to work. I find this shamefull, they ought to tax them at double rate. The greedy old sods......... Maybe a lot of elderly folk are lonely and live on their own. To go to “a job” creates a social opportunity where for a few hours each day they do not feel that loneliness because they are around people. We will all be old one day. Link to comment Share on other sites More sharing options...
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