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Is that because your transactions are never that low?Rules on banking by big brother have become a joke, seems they question everything, I tried to pay over £1000 into the bank and got the 3rd degree where I got it from.£1000? In cash? You're a shady bastard you are Skruntie
£1000..I wouldn't know what that looks like.
I think he was implying that perhaps just one evening wouldn't be enough.They're fitting it all into one evening?
Varche didn't state they are going to cover everything in an evening
If only, with TTK at the helm.
That's what i will do. Cheers LC.The plan always was to take small monthly income, as the original pot was quite small in real terms. But it has been helpful over the last 17 years.On a slightly different note, my small private pension pot has almost run itself down, and as i took the 25% tax free sum when i started, i was wondering about the tax implications of either, taking the small amount left in one go, or letting it run down naturally.Not sure what you mean by "letting it run down naturally". Are you currently taking a regular income from it? Or is it's value being eroded by charges?
Anyhow, if you take whatever remains in the pot as a single lump sum, then that value will be a treated as income in the current tax year. You will therefore pay 20%, or 40%, or 45% of the whole amount in tax, depending upon what your other income(s) is(are) for the current tax year. If whatever you take could push you over the edge into the next tax band (£50K for the 20%-40% band, or £125K for the 40%-45% band) , you'll pay some tax at the higher rate.
IMV it would be unwise to take any lump sum that would push you into the next higher tax band.
The tax implications will be the same either way providing the pot value wouldn't push you into the next tax band in the year you took the lump sum. You'll always pay 20/40/45% regardless of when/how.
Unless there is a good reason for taking it as a lump sum (like there is a good OmegaB on eBay you fancy) I'd be inclined to keep taking it as a regular income until the pot is exhausted.
The plan always was to take small monthly income, as the original pot was quite small in real terms. But it has been helpful over the last 17 years.On a slightly different note, my small private pension pot has almost run itself down, and as i took the 25% tax free sum when i started, i was wondering about the tax implications of either, taking the small amount left in one go, or letting it run down naturally.Not sure what you mean by "letting it run down naturally". Are you currently taking a regular income from it? Or is it's value being eroded by charges?
Anyhow, if you take whatever remains in the pot as a single lump sum, then that value will be a treated as income in the current tax year. You will therefore pay 20%, or 40%, or 45% of the whole amount in tax, depending upon what your other income(s) is(are) for the current tax year. If whatever you take could push you over the edge into the next tax band (£50K for the 20%-40% band, or £125K for the 40%-45% band) , you'll pay some tax at the higher rate.
IMV it would be unwise to take any lump sum that would push you into the next higher tax band.
So had we with our Dentist, then they went private only a couple of years ago.I'm just waiting for mine to do the same. They're not taking any more NHS patients now.
Only because i've been going there for donkey's years i reckon.For my dental appts. i get two within five minutes.
You have a Dentist ?!!
I might move to Suffolk.
