Share this content
1

Self Assessment - Declaring Pension Lump Sum on Tax Return

Self Assessment - Declaring Pension Lump Sum on...

Didn't find your answer?

I was hoping I could get some advice/assistance please.

My client is newly self-employed but also receiving a work pension from a previous PAYE employment. In 13/14 he received a redundancy payment. I understand that up to £30,000 of this is tax free and anything above that will be taxed, and I know where to put this information.

He is also receiving a 4 weekly private pension, and I also know where to declare this income.

What I am struggling with is where (if at all ) I need to declare his tax free lump sum he received at the start of his retirement? The pension letter states very clearly that it is tax free (12.4% of the current Government Lifetime Allowance limit)

My question is, even though it is tax free, ought it to be declare in the tax return, and if so where/which page or box? I have searched online and cannot find the answer.

Many thanks in advance.

Laura

Replies (1)

Please login or register to join the discussion.

By mydoghasfleas
26th Nov 2014 12:38

You do not include it

It is not taxable so there is no reason for it to go into a tax return.  If you really want belt and braces put the receipt in the additional information white space.

Thanks (3)
Share this content

Related posts