If this is your first visit, check out the community guide. You will have to Join us or Sign in before you can post.
tax advice please on lump sum
hi, we are trying to work out our finances. My wife who will be 65 in august will be receiving a lump sum pension of £6,000 in august. She works and comes out with £770 every four weeks. i do not work as i receive full pip for both and unable to work. i have just checked on the tax calculator and it says when my wife receives her lump sum she will have to pay £1,400 tax on it. can i confirm that is correct, and also can i ask, if they will take it in one go from her pension pot or will they take it each month from her wage. at the moment she does not pay tax due to how little she earns. will this lump sum also affect her receiving the carers element on universal credit. any advice would be great, as we are trying to plan for the future.