Skip to main content

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

Posted Thu, 20 Jun 2024 10:16:20 GMT by PeeBee
I have been offered voluntary severance from my employer, this is capped at £90,000. I'm looking at potentially putting £60,000 of this into my AVC which I've been paying into for 5 years. I'm aware of the £60,000 limit for tax relief per year, however with my current monthly payments into my AVC and pension contributions into my DB pension i will go over this limit. I'm aware that you can use any unused allowance from the previous three years, however I'm not really sure how this works and whether i have to complete any forms etc and do i need to get statements for the current 2024/2025 year and the previous three years showing all of my pension contributions (AVC and DB) ? Just to add my salary puts me into the 40% tax band.
Posted Wed, 26 Jun 2024 09:42:42 GMT by HMRC Admin 21
Hi PeeBee,
You only need to report anything if you have a charge to pay. You should keep the records for yourself based on guidance at HS345 Pension savings — tax charges (2024).
Thank you.

You must be signed in to post in this forum.