Can I get a re­bate on the tax I paid?

The Chronicle - - Your Money -

Q I RE­TIRED last month. How can I get a re­bate on tax I’ve paid this year? A IT’S likely you will only be due a re­bate if you have paid tax in a higher bracket than the one you’ll be in at the end of the tax year. It will de­pend on what pen­sion in­come you re­ceive and when you start get­ting it. Ap­ply on­line or re­turn form P50. Q MY dad died re­cently and left me £25,000 in his bank. Should I de­clare this as earn­ings and pay tax on it? A SORRY to hear that. No, cer­tainly not. Ap­ply for “grant of pro­bate”. This en­ables any ben­e­fi­ciary to ac­cess their in­her­i­tance. Q I’M about to cash in my Life­time ISA to put to­wards a home de­posit. Can I now con­tinue sav­ing to­wards my re­tire­ment? A YES you can, as long as you con­tinue to meet the per­sonal cri­te­ria – be­ing un­der 50 – for in­vest­ing in a life­time ISA. You can put in up to £4,000 a year, and any con­tri­bu­tion counts to­wards your an­nual £20,000 to­tal yearly ISA al­lowance. Q I’VE built some debt on my credit card over sum­mer. I can’t af­ford to pay it off in one go. Is it worth tak­ing out a 0% deal? A GET­TING a 0% bal­ance trans­fer card could be a good move but it de­pends on the amount of debt and the monthly in­ter­est payable. On ap­pli­ca­tion for a new 0% card there is usu­ally up to a 3% fee on a bal­ance trans­fer, and this could be more than the to­tal in­ter­est should you swap and then re­pay the debt sooner than ex­pected. Do the maths first to en­sure you are mak­ing the right move for your cir­cum­stances.

Fi­nan­cial Ed­i­tor Tricia Phillips an­swers your ques­tions each week.

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