40% Tax On My Army Pension

Discussion in 'Armed Forces Pension Scheme' started by The_Magician, Mar 5, 2010.

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  1. Well my faith in this Labour Goverment has reached an all time low.

    Got a nice letter from the Tax man stating I will now have to pay 40% on my Army Pension as it is a second income (a S/Sgt’s pension, it certainly isn’t a lot of money, even less now) .

    Ah well Mr Darling all I can say is thank fu*k I have a good job, I really love this country..........Wah

  2. The_Duke

    The_Duke LE Moderator

    So you earn over the maximum income tax threshold, but expect to be exempt higher rate tax for some of your earnings solely on the grounds that it is a military pension.

    Should everyone else who is a high earner but getting pension payments from another job have the same rights, or is it just because of the military aspect?

  3. Yeah I do cause me special (Needs)

  4. BuggerAll

    BuggerAll LE Reviewer Book Reviewer

    You will only have to pay 40% tax if your total earnings are over the threshold. At the end of the year if you have paid to much you will get it back.

    That said what sort of incentive to work is it if 40% of what you earn is taken away from you so that that idiot Brown and his cronies can waste it buying votes for themselves?
  5. I don't necessarily agree or disagree with the way things are set up, buy paying a higher rate of tax because you earn over a certain amount seems quite unfair. And more than a little hypocritical from a party who pride themselves on 'equality' and 'fairness'.
  6. BA

    That is my point I have worked hard to get the Job I have at present but I also worked hard whilst serving, should look at an Off Shore Account!!!!!!

    As you say where is the incentive to work hard as the more money you sometimes the worse off you can be.

  7. Of course if you didn't you wouldn't have to pay 40%
  8. Ah, Temples words of Wisdom

    Cheer Ears

  9. You can borrow my place in Belize if you want to "magic"
    You just have to suck it i am afraid, the price of democracy !! i get hammered the same on warrant orrficers pension, have a word with his lordship and get a few tips :?
  10. The_Duke

    The_Duke LE Moderator

    Oh yes, keeping hold of the 60% that remains is just not worth it, is it? :?
  11. It's not the point. The point is, he's being penalised - in the form of having to give away a higher percentage of his wages - for working hard and being successful.

    If all wages were taxed at a flat rate then there'd be no issue.
  12. Because this is a new thing of course introduced in the last couple of weeks

    It rained this morning quick blame the government

    Some people would love to earn enough to be able to pay 40% tax on SOME of their income
  13. Ah but then you get v.a.t. on purchases, airport tax when you want to spend some time enjoying your hard earned, toll charges on bridges and the M6 m/way,etc etc,your 60% is whittled away. i sent the revenue a "mock up " invoice for all of the manhours spent doing their job for them on returns, not a lot of joy in the response received.
  14. They can, its easy mate, you get two jobs, the missus gets two jobs, bingo.
    bear in mind that most of what darling takes from you will go to idle gits ,watching sky, drinking lager and laughing, but hey screw them you can enjoy what free time you have :D
  15. I think you'll find the thieving, one eyed jock takes 11 % National Insurance as well, thereby removing 51% of your pay above a certain limit (£38000?) I certainly only do overtime for time off in lieu as it just is not worth doing it for money