Assalaumu Alaykum, I have a question regarding zakat which I’m fining conflicting answers for.
Assume, at the age of 55, I have £300,000 in workplace pension, £200,000 in index funds equalling to £500,000 and nothing else (extreme hypothetical)
Through online zakat calculators, it says I have to pay £12,500 (2.5% of £500,000) however through other websites, whilst they aren’t calculators, say I should calculate zakat on 40% of its value. In this case, assuming my calculations are correct, I’d pay £5,000 (2.5% on 200,000 (0.4*£500,000)
Can you inform me which is the correct method, jzk.