Pension tax calculator for year

2024/25

This tool is to help you understand your tax position in the current financial year when taking a one-off payment from your pension. It's for illustration purposes only.

Step 1 - Your details

Where do you live?

Step 2 - Annual income and allowances

Total gross annual income (Apr 24 - Mar 25)

This is your total income before tax that you'll receive during the current tax year. Income may be from employment, savings interest, buy-to-lets, investments, state pension etc.

Do you qualify for a blind person's allowance?

A person who is registered blind with a local authority in England and Wales is entitled to an additional amount of tax-free income. In Scotland or Northern Ireland you'll qualify for the allowance if your eyesight is such that you're unable to perform any work where your eyesight is essential. The allowance is £3,070 for 2024/25 and is given in addition to the usual personal allowance or age allowance.

Step 3 - Pension funds

Total pension funds

This is the total amount of all your pension funds before any tax-free lump sums are taken.

Tax-free lump sum

You are able to take up to 25% of your total pension savings as a tax-free lump sum. This is also known as pension commencement lump sum.

Once you've crystallised part of your pension savings you can take no further tax-free lump sum(s) from that part of your fund.

Amount available after tax-free lump sum

This is the balance of your pension available after you've deducted your tax-free lump sum.

Amount you're cashing in

Please enter the total amount of pension savings that you're cashing in.

TOTAL 2024/25

Taxable income

Income

Pension amount you're cashing in

Total allowances

Personal allowance

Blind person's allowance

Total tax due

Summary

End of year tax 2024/25

Tax on income

Tax on pension amount cashing in

This summary shows the tax position you might be in at the end of the financial year. If you believe you've paid too much or too little tax you'll need to discuss directly with HMRC.

Emergency tax (as at today)

Emergency tax on initial payment

This summary shows your tax position as at today’s date for your initial payment, calculated using an emergency tax code. Note this only takes into account the pension pot amount and not any additional income. If you believe you've paid too much or too little tax you'll need to discuss this directly with HMRC.

Breakdown of tax calculations

TOTAL 2024/25

All

Amount falling into band Tax due

Scottish starter tax rate (19%)

Scottish basic tax rate (20%)

Scottish intermediate tax rate (21%)

Scottish higher tax rate (42%)

Scottish advanced rate (45%)

Scottish top tax rate (48%)

Basic rate (20%)

Higher rate (40%)

Additional rate (45%)

Total

Taxable income

Scottish starter tax rate (19%)

Scottish basic tax rate (20%)

Scottish intermediate tax rate (21%)

Scottish higher tax rate (42%)

Scottish advanced rate (45%)

Scottish top tax rate (48%)

Basic rate (20%)

Higher rate (40%)

Additional rate (45%)

Total

Taxable pension amount

Scottish starter tax rate (19%)

Scottish basic tax rate (20%)

Scottish intermediate tax rate (21%)

Scottish higher tax rate (42%)

Scottish advanced rate (45%)

Scottish top tax rate (48%)

Basic rate (20%)

Higher rate (40%)

Additional rate (45%)

Total

Important notes

This calculator is intended to give a rough estimate of tax that may be due given the circumstances outlined above and the assumptions stated. The actual tax payable may well be lower or higher than that shown. If you believe you've paid too much or too little tax and would like to clarify how this will be refunded or repaid, please contact HMRC directly.

The calculations assume that you qualify for the standard Personal Allowance for the 2024/25 tax year and exclude National Insurance. There are no allowances made for Savings Allowance, Dividend Allowance or any benefits associated with your employment, all of which could have a significant impact on the tax due.

Emergency tax is based on UK rates.

This calculator shouldn't be used to calculate the potential tax due if you're taking an uncrystallised fund pension lump sum (UFPLS) - which is a lump sum payment from your pension fund prior to converting it to either a drawdown or annuity product.

There’s a limit on how much tax-free lump sum cash you can take from all your pension pots called the Lump Sum Allowance. This limit is currently £268,275. You may have a higher entitlement if you've protection from the Lifetime Allowance. This calculator will assume that you're entitled to the tax-free lump sum amount shown, so if the tax-free lump sum shown is higher than £268,275, you may want to check your tax-free lump sum entitlement.

Pension tax calculator for year

Step 1 - Your details

Step 2 - Annual income and allowances

Step 3 - Pension funds

TOTAL 2024/25

Summary

End of year tax 2024/25

Emergency tax (as at today)

Breakdown of tax calculations

TOTAL 2024/25

All

Taxable income

Taxable pension amount

Important notes

Pension tax calculator

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