Ask The Experts

Planning to retire? We ask the professionals for tips

Many over-55s do not want to pay for financial advice or cannot justify the expense. Here, Moneywise talks to financial experts to share their ideas for a successful DIY retirement income plan

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Can I gift my wife £30,000 without owing HMRC any money?

One of our experts answers a reader's question

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I’m 65 and employed. If I draw on my pension I must pay 40% tax. Why?

You will have received tax relief on the contributions made to your pension pot over the years, and in addition to this, under the pension freedom rules that were introduced in April 2015, you are able to withdraw up to 25%...

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I took a pension withdrawal and paid tax when I shouldn’t have

As it currently stands, there are two options available to people looking to take ad hoc withdrawals from their pension pot. These are called flexi-access drawdown and uncrystallised funds pension lump sum (UFPLS).

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Does the tax-free savings allowance of £1,000 affect how much tax I pay when I cash in my unit trust?

I’m not sure what investment you hold but, based on your description, I don’t think you have a free-standing unit trust.

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I have foreign investments taxed at source and want to avoid being taxed twice

We all get an allowance that allows us to earn up to £2,000 a year in dividends before tax is due.

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Can I pay into my pension, get government tax relief then withdraw both sums - and do it again every year?

Yes, in theory you can do this, but you should be aware that the whole area of pension recycling is one that the government is looking at carefully.

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What’s the best way for me to get out of my car hire purchase agreement?

Paying off the full £25,000 of finance, owning the car outright and trading it in for a cheaper model is the option I would recommend.

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Is tax payable on money my parents give to their children?

What and how much your parents wish to give their children is completely up to them. But whenever money is given away, it is important to plan the gift to ensure it is tax free.

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If I take Cash Isa income to supplement my company pension, will I pay tax on it?

You’ll be pleased to know that Isas allow you to withdraw your savings without paying any income or capital gains tax.

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