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If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.
Have you got a personal pension? Interested in making ad hoc withdrawals? Or have you been making withdrawals already?
Under the pension freedom rules introduced in 2015, taxpayers aged 55 or over can freely access their pension savings. Any withdrawals beyond the 25% tax free amount are taxable at the individual’s marginal rate of income tax.