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Posted Sun, 17 Sep 2023 21:20:07 GMT by Dejan912
Hi, I am a higher rate tax payer (40%) and in the fiscal year 2022/2023 I have made some extra one off payments (~50k) to my pension fund using the carry forward rule to make full advantage of the allowances of previous years (total allowance is bigger than 60K). As I need to do my self assessment for 2022/23, I haven't specified any excess beyond the yearly 40k allowance in the self assessment forms. I have only inserted "Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider" with a value that in my case is basically 40K minus employer's contributions. Is this correct? Also, I don't have clear if carry forward allows high rate tax payers to claim back taxes for previous years, can anyone clarify? I.e., as I have carried forward and used allowances from 2020/21 and 2021/22, can I actually claim any taxes back, even if the payment to the pension fund happened in the fiscal year 2022/23? I.e. can I revise the same section of the self assessment of previous years considering that the payment to the pension fund happened in the fiscal year 2022/23?
Posted Wed, 27 Sep 2023 11:58:39 GMT by HMRC Admin 10
You are correct that you would not declare any excess.
You would only do this if you were notified by the pension provider that you had exceeded the amount and had tax to pay.
You would only get relief for 22/23 and this would be based on the tax you have paid in that year.
You wouldn't be able to get any tax relief for 21/22 if the contributions were made in 22/23.

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