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Posted Wed, 26 Jun 2024 09:37:31 GMT by Paul Davies
Hi, I recently cashed in a workplace pension, which was valued at less than £4000. Under the rules, it appears that most of it is tax free, except any growth from a data in 2023. (not sure of the date) Can someone please tell me, on my self assessment form, which section / subsection I need to declare the growth, which is taxable. Do I need to declare the whole amount I received or just the taxable growth amount. Thanks in advance Paul
Posted Tue, 02 Jul 2024 15:10:09 GMT by HMRC Admin 10 Response
Hi
Normally only 25% is tax free and the remainder is taxable. It is this amount that you show in the tax return.
Posted Wed, 03 Jul 2024 09:18:38 GMT by Paul Davies
HI, Thank you for the reply, however it wasn't the question I asked. I know that 96% of the pay-out is tax free, as it was confirmed by my pension company and financial advisor. I know that I need to declare the growth since 2023, which is taxable. The question I asked was: Which box (section / sub section), on the self assessment form to I declare the growth, which is taxable. Thanks Paul
Posted Mon, 08 Jul 2024 11:10:50 GMT by HMRC Admin 10 Response
Hi
Most investment growth of the assets held within registered pension schemes is exempt from income and capital gains tax.
Posted Tue, 09 Jul 2024 19:47:54 GMT by Paul Davies
Hi, Yes, but in this case I have £155 of growth, when I cashed in the pension (value of pension was less than £4000), which I need to pay tax on. Can someone please tell me which box ,on the self assessment form, I need to declare the TAXABLE growth. Thanks In Advance 
Posted Tue, 16 Jul 2024 12:57:16 GMT by HMRC Admin 10 Response
Hi
You can show this as other earned income.
Posted Wed, 17 Jul 2024 09:22:35 GMT by Paul Davies
Thank you

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