40% Tax on your pension.

I'm waiting for conductor to start moaning about how unfair it is that his personal allowance has started to reduce now that he earns more than £100k per year!
Onbviously he'll be aware that his marginal rate of Income Tax will actually be 60% on the slice of income between £100k and £114,950.
 
I save £50 a week into my own personal pension plan/shitty day fund. £900 since the beginning of January so if I live to 65 I wont need to give a shit if you get taxed 90% on other earnings.
 
OK a quick question regarding the new tax allowance going up to just over 9K...am i right in thinking if my annual pension is going to be just over 10K am I best in telling the tax man that my pension is my main income then any job i get as my second income.......or my pension is my second income??? Does it make any difference...Ive heard conflicting views on this.
It makes no difference if you are working. As has been said, you only get one personal allowance. My advice, which I followed, is to apply your personal allowance to your pension, then any time you are between jobs you don't have to start informing the tax man to swap your pers allowance from one to the other. Once you inform HMRC of your choice, it stays that way.

And I don't for one minute believe that 'Conductor' was actually a conductor. Apart from being a grade 1 wind-up whinger, there is no way he could have made SNCO, with that poor grammar and spelling, let alone become a WO1 long enough to be appointed Conductor. I regard him as just an embarrassment to both the Corps I spent a total of 26 years in.
 
He might not have been in the Corps you served 26 years in.

He might be from one of the other lesser Corps.
 
He might not have been in the Corps you served 26 years in.

He might be from one of the other lesser Corps.
Theres a lesser Corp than the RLC???? Thought the womens Auxillary balloon Corp were disbanded.
 
My only point is that the pension can stab you in the back. its only any good to you if your working other wise you could regret having it.
I'll have yours if you don't want it. Probably have to pay 40% on it but hey, it's all money in my pocket innit?
 

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