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Posted Sat, 04 Jan 2025 09:41:35 GMT by GodJesus1000
I note that https://www.gov.uk/check-if-you-need-tax-return (Check if you need to send a Self Assessment tax return) says: "Income from savings and investments includes savings interest - except for interest from Individual Savings Accounts (ISAs)" I am currently receiving approximatey £9,000 per year from a private pension under UFPLS. That income is from a cash balance inside the pension which is generated by dividends. If I took more than £10,000 income in this way, do I then need to declare those dividends? As it stands, I believe I do not need to make SA returns otherwise since my total taxable income is below £1,000.
Posted Fri, 17 Jan 2025 10:45:25 GMT by HMRC Admin 21 Response
Hi,
You would not need a tax return but the income is still taxable and should be declared.
Thank you.
Posted Fri, 17 Jan 2025 12:30:59 GMT by GodJesus1000
Thanks - can you clarify what you mean by not needing a tax return but needing to declare the income? Would not declaring it require doing a return? As it stands, I am getting under £10,000 in income from a pension, and my total income in the year is less than £50,000. The HRMC tool says I don't need to file a return. However, if I say "Yes" to Q6 "Did you get more than £10,000 from dividends or savings and investments?" I need to to know if they mean dividends or savings that were paid inside a pension.
Posted Thu, 06 Feb 2025 11:01:59 GMT by HMRC Admin 32 Response
Hi,
This doesnt include dividends generated as part of your pension pot. This is dividneds paid direct to you as a shareholder. With total income of 50k and n self assessment criteria, no tax return would be required.
Thank you.

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