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Post by peterba on Sept 4, 2023 6:36:07 GMT
The changes do not hit the rich bastards partly because the allowances are for non higher rate tax payers and partly because they have serious accountants - some total bastards have even had non-dom wives.
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Post by Chester PB on Sept 5, 2023 9:55:42 GMT
I'm now on the second year of my state pension, but is it not my only income because I draw a small regular amount from a small private pension too. The private pension drawdown is treated as PAYE by HMRC, so a tax code is issued and applied by the pension company. I assume that if I was working the income from the job would be treated exactly as the private pension drawdown is, as PAYE with a tax code.
It may be frustrating, but the best free advice will probably be obtained from HMRC. Alternatively, if you can find a qualified financial adviser who charges by the hour, paying for half an hour of his/her time might be a very sound investment. Ask around for a personal recommendation, since there are many greedy ones who will only try to sell you some kind of further investment on a commission basis, when this is something you don't need.
Personally, I have done both of these things and benefitted from them.
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