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Is there a new tax code coming out)

10 replies

Laptopneeded · 17/03/2023 11:14

Just wondering as I got notice of a new tax code.
My df left a small 2 grand pension left over to me it's already been taxed and now I'm worried I will be taxed even more.

OP posts:
TheFlis12345 · 17/03/2023 12:31

I assume you mean you inherited £2k from your df? That wouldn’t impact your tax code.

Comefromaway · 17/03/2023 12:39

It's coming up to the new tax year so everyone will get notification of their tax codes for the next year. Most peoples will not change unless you were under-taxed in a previous year or have new benefits in kind etc

Laptopneeded · 17/03/2023 13:04

How odd. It definitely says I'm getting a new code. @Comefromaway

My pay is borderline nmw I'm just over the 12500 threshold and I've had this extra one off 2 grand...

OP posts:
Laptopneeded · 17/03/2023 13:05

@TheFlis12345 the thing is it's come form his pension thing and corosponse to me was written as if its my pension.

OP posts:
LIZS · 17/03/2023 13:05

I thought inheritance was not treated as income, only interest accrued on it.

Comefromaway · 17/03/2023 13:38

What says that you are getting a new tax code?

Comefromaway · 17/03/2023 13:39

Will the pension be paid you you monthly/annually etc for the remainder of your life? If so, then it will be taxed so you will be allocated a new tax code to account for the fact that some of your personal allowance will be used on the pension.

Comefromaway · 17/03/2023 13:41

Actually, no thats not the case if he was under 75

Comefromaway · 17/03/2023 13:43

It's not an annuity is it?

Laptopneeded · 17/03/2023 14:25

@Comefromaway

Yes it was an annuity but is a one off payment

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