Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Fri, 29 Dec 2023 11:01:47 GMT by richg
hi, I would like to "triple" make sure that the following is allowed. Fiscal Year Salary Allowance Pension Contributions made including relief (Work + SIPP) 2020-2021 51864 40000 23096 2021-2022 58955 40000 27674 2022-2023 66726 40000 39315 2023-2024 72000 60000 XXXXX According to the calculations that we can including 3 previous unused fiscal years, my understanding/calculation is that my actual allowance for 2023-2024 is 60000 + 29916 = 89916. Therefore my question is: Can my pensions contributions (work + SIPP) XXXXX be equal to up 89916, i.e., keep saving to my SIPP an going above 60000? If so I believe I can claim extra tax relief up to 72000, which is my forecasted salary for 2023-2024? Finally is preferred by HMRC for me to fill an online self-assessment or contact via letter? I would appreciate your assistance/comment.
Posted Sat, 06 Jan 2024 11:04:45 GMT by richg
Hi, Just wondering whether anyone from HMRC could kindly comment on the above. Thanks and regards,
Posted Tue, 09 Jan 2024 12:16:15 GMT by HMRC Admin 32 Response
Hi,

While we cannot comment on calculations or scenarios, we can advise that you can carry forward the unused element of your pension threshold for the tax years 2019 to 2020, 2021 & 2021 to 2022 add to your 2022 to 2023 tax threshold.  
If your pension payment is below the new threshold, then there is nothing to declare in a tax return.
If it exceed the revised threshold, then the differend is reported in the additional information section of the tax return.  
There is also a box for situations where the pension provider agrees to pay the additional tax due out of your pension pot.  
This gives a credit in the SA cacluation for tax paid.

Thank you.
Posted Mon, 15 Jan 2024 08:48:28 GMT by richg
Thank you @HMRC Admin 32 for replying to my thread. In reagrds to your comment: "... If it exceed the revised threshold, then the differend is reported in the additional information section of the tax return. " In my tax return, do I need to just provide the figure and HMRC will have the records in the system, using my NI number, of how much tax relief the government has given me since 2019-2020 or do I need to upload an excel calculation, with breakdown of each provider/employer since year 2019-2020? Would I also need to get a statement report from each provider to attach to my tax return? I would appreciate your assistance.
Posted Wed, 17 Jan 2024 14:36:55 GMT by HMRC Admin 10 Response
Hi
You would need to provide the information yourself as HRMC wont know the totals you have paid in. Your pension provider should have provided you with details of how much has been paid in each year to allow you to work out if you have exceeded the limit.

You must be signed in to post in this forum.