Hi,
Please have a look at the guidance on unused annaul allowances on your penion savings.
If this is a new pension scheme you have started, then you will not have any unused allowance to carry forward.
This means that your tax free pension payment will be the lower of £60,000 or your earned income in the tax year.
Any payment into the pension scheme, above this amount is a 'pension savings tax charge' and is declared in box 10 on page Ai4 of SA101 (
Additional information (2024)).
Your pension provider may agree to pay the tax out of your pension pot and if the do, you declare the amount of tax they will pay on your behalf in box 11.
Please tick yes to the question "Are you liable to pension savings tax charges or have you received payments from overseas pension schemes?" on page 2 of 3, when tailoring your return.
Thank you.