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Posted Thu, 04 Jul 2024 18:19:11 GMT by Fozymoss
I submitted my self assessment form about two weeks ago. I have now been sent a new tax code with personal pension relief added. I have been self employed for 10 years and throughout this time have paid into my personal pension in the same way, with the pension company claiming the relief and me adding it into my self assessment form. My tax situation remains the same this year and I did not pay tax at any higher rate in 23/24. I have never had a Personal pension Relief in my tax code before. What is this new addition to my tax code? Why has it happened now? What does it mean and how will it affect my self assessment submission for 24/25?
Posted Thu, 11 Jul 2024 06:14:55 GMT by HMRC Admin 25 Response
Hi Fozymoss,
If you have a PAYE source of income and have claimed personal pension relief on your Self Assessment and not shown the payments as one off then your tax code will be amended for the next tax year to include the personal pension relief as an estimate for the next tax year.
If you are higher rate tax payer then you will receive the relief for the pension payments through your code.
At the tax year end you would claim the pension relief as normal on the tax return.
If the pension contributions have changed and your code needs to be amended then you will need to contact HMRC to review
Income Tax: general enquiries
Thank you. 

 

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