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Digital Subscriptions > Argyllshire Advertiser > 23 February 2018 > WILLIAM DUNCAN & CO

WILLIAM DUNCAN & CO

”What do you mean my pension is taxable………!??”

This is the sort of “pubtalk financial advice” we sometimes have to respond to from people who believe that when they reach the blissful horizon of retirement they can draw down their state pension and any personal pensions and not worry about paying tax. Disabusing them of this notion sometimes requires the patience of Solomon and the diplomatic skills of Donald Trump who would simply tweet – “Pensions are taxable – end of”.

My equally brief reply tweet would be “Not so!” There are several ways in which you can mitigate this position if you plan well in advance. For example income and capital gains from ISA’s are not taxable and there are additional tax allowances available on dividend income and on savings income. If you have investments and can lock in some capital gains each year then there is additional tax relief available.

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