The Retirement Thread
2 lurkers |
175 watchers
May 2022
2:33pm, 22 May 2022
6,096 posts
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um
Here you go FDNB. Interesting reading gov.uk But the answer is probably 'yes', as a taxable benefit in kind, unles you (Mr F) fits an exception or the balance is <£10,000. Even more turgid thn the first, here's the exceptions gov.uk |
May 2022
3:02pm, 22 May 2022
9,727 posts
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Fragile Do Not Bend
I’ve only glanced through it but it seems to only apply to directors and employees? Does some move drawing a company pension count as an employee?
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May 2022
3:03pm, 22 May 2022
9,728 posts
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Fragile Do Not Bend
(Someone not ‘some move’) ^
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May 2022
3:32pm, 22 May 2022
6,098 posts
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um
I only sent the relevent sections - there's pils more. eg the whole of '480'. Bat also, https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim15120, where it states Note that when applying the benefits code for this purpose: any reference to employer is to be taken as including a former employer |
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May 2022
3:32pm, 22 May 2022
6,099 posts
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um
piles, not bottles of pils !
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May 2022
5:21pm, 22 May 2022
9,729 posts
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Fragile Do Not Bend
Ah ok thanks, I’ll take a proper look at it.
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May 2022
6:07pm, 22 May 2022
6,102 posts
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um
Fragile - I think this was the one I started with gov.uk |
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May 2022
6:42pm, 22 May 2022
9,730 posts
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Fragile Do Not Bend
Now I’ve had a better look I think you are right about it being taxable. A key phase seems to be “ the benefit is received for performance of the duties of the employment” - Mr F was wondering how his situation was different to a customer (who wasn’t an employee) negotiating a discounted rate and I think that explains it.
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May 2022
8:47pm, 22 May 2022
1,410 posts
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arbster
A friend of mine who is a retired bank manager still has to pay tax on her employee-rate mortgage. She definitely wouldn't be if she didn't need to.
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May 2022
7:31pm, 23 May 2022
32,810 posts
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EvilPixie
Another meeting! Conclusion mr pix at 60 (6 years) is definitely easy We need 2k ish a month to maintain current lifestyle If mr pix really wanted to go next year as I bring home £1600 it’s very possible When we both get to official retirement age we’ll be comfortably off |
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