Current year assessment

Hi there,

If you have received a lump sum from an Occupational Pension, this will be included in the assessment as this has come from a taxable source. These payments are not taxable in themselves, however like redundancy payments, they are from a taxable source.

Thanks, Drew

Reply 2

Ok so which question number on the CYI form do we add this amount?

The pension income section says not to include tax free lump sums?

Reply 3

Hi there,

I am sure it asks about lump sums in section 4.

Thanks, Drew

Reply 4

On the form

Question 4.2.Taxable workplace pensions/occupational pensions
If you receive a lump sum pension, only declare the amount
you received that you paid tax on.

So does not include the tax free amount?

Reply 5

Hi there,

Yes you only declare the amount you received that you paid tax on.

Thanks, Drew

Reply 6

Sorry, now I’m confused.

Before you said it had to be added because it was from a taxable source

Does the tax free lump sum need to be on our CYI assessment form or not?
And which section of the form should i put it in?

Reply 7

Hi there,

It states on the Current Year Income form that you must declare the lump sum that you have paid tax on. If you did pay tax on it then you would not declare it.

Thanks, Drew

Reply 8