Salary Equation to meet 20% Tax
Discussion
Hi
Around 60 & keen to pay as little tax as possible from now & boost the current pension..
Can work a few more years or get a good payout of a years salary when i’m obsolete. Hopefully.
A couple of legacy DB pensions amounting to 12k
Plus a few hundred K parked in HL
So £12k incoming on pensions nowish
What can I reduce me current salary to, then put the rest into current pension to avoid 40% (say 200k there now)
I guess 38k then put the rest into salary sacrifice ?
Then how do I reduce the tax on pensions to 20%. A call or a tax return next year?!
New pot say £200k but a boost would be good ..
Around 60 & keen to pay as little tax as possible from now & boost the current pension..
Can work a few more years or get a good payout of a years salary when i’m obsolete. Hopefully.
A couple of legacy DB pensions amounting to 12k
Plus a few hundred K parked in HL
So £12k incoming on pensions nowish
What can I reduce me current salary to, then put the rest into current pension to avoid 40% (say 200k there now)
I guess 38k then put the rest into salary sacrifice ?
Then how do I reduce the tax on pensions to 20%. A call or a tax return next year?!
New pot say £200k but a boost would be good ..
Edited by James6112 on Wednesday 29th March 23:44
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