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Posted Tue, 09 Jan 2024 18:19:20 GMT by
I am in a DB pension scheme and for tax year 22/23, after taking into account the previous 3 years' allowance my input amount for this tax year is around £ 30K over the max input of £40K. I have no other declarable taxable income as it is all done through PAYE, so the only thing I need to pay is the tax at 40% on the amount above £40K. 40+30=70K, this would be my input amount, 40% of 30K=£12k tax bill. When I fill in the online tax return it states that I owe no tax for this year but I know I owe £12K. I have filled in the online pension savings form as follows:- "Amount saved towards your pension, in the period covered by this return, over the Annual Allowance: £30000" "Annual Allowance tax paid or payable by your pension scheme: £12000" Do I need to complete anything else or will this be sufficient?
Posted Thu, 11 Jan 2024 07:42:22 GMT by maxb
By entering: > "Annual Allowance tax paid or payable by your pension scheme: £12000" you are declaring that you have made arrangements with your pension scheme, to have the pension scheme pay the tax on your behalf - and that's why the tax return isn't asking you to pay the tax yourself. If that's a correct declaration, it sounds like you're all good. If it's not correct, you need to leave that box empty.
Posted Tue, 16 Jan 2024 11:03:19 GMT by HMRC Admin 32
Hi,

Please refer to:

HS345 Pension savings — tax charges (2023)

Thank you.

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