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Posted Mon, 18 Mar 2024 22:50:24 GMT by Chris Mackenzie
Hi. My earnings will will exceed £100k this year and my tax free allowance will diminish completely. I’m looking for advice to reduce any additional tax payable. If my earnings are £130k, how much would I need to contribute to a pension scheme to remove any additional tax payable. Would it need to be the full £30k to bring my earnings down to £100k?
Posted Fri, 22 Mar 2024 14:02:07 GMT by HMRC Admin 32

We cannot advise you how much to pay into your pension scheme.  

We can only state that for every £2 that your income is over £100000, your personal allowance reduced by 1.  

The maximum you can pay into your pension scheme and receive tax relief for, in 2023 to 2024, is £60000 plus any unused threshold carried forward from the 3 previous years.  

For an answer to how much to pay to a penson scheme, you would need to seek the advice of a financial adviser.

Thank you.

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