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Posted Wed, 10 Jul 2024 22:00:23 GMT by Mark Forsyth
Hello, in the last financial year I mistakingly crossed the 100k threshold and this year my tax code has changed to reflect my reduced tax free allowance. Is there any means of retrospectively making a 1 off payment into my pension to recover the full tax free allowance and tax code?
Posted Thu, 18 Jul 2024 14:26:13 GMT by HMRC Admin 20 Response
Hi,
The tax code may have reduced allowances if we have your estimated income as over £100,000, the PA is reduced by 1 for every £2 earned over £100,000.
Check your PTA to ensure we have the correct estimated income for yourself for this tax year.
If it has been reduced due to an underpayment of tax from the previous year, you could make a voluntary payment for this.
Thank you.

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