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Posted Thu, 18 Aug 2022 09:10:08 GMT by Sally Butler
I've recently received a lump sum payment (from a local government pension) and will be getting monthly payments. I do not get state pension till next year. Is the lump sum taxable? I will be declaring everything of course, but I need to find out how much I need to save for tax purposes.
Posted Thu, 18 Aug 2022 13:40:18 GMT by HMRC Admin 10
Hi
You will need to check with the pension company as some lump sums are paid tax free.
If it is liable to tax then you will pay at whatever rate your income is liable to.
Thankyou.
Regards.

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