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Posted Thu, 01 Feb 2024 14:56:44 GMT by
Hi To reduce my tax burden and increase my pension pot , I have been putting in AVCs and for 23-24 , will probably put in 75K. I understand that I am only allowed 60K , and so will be using unused allowance from previous years, which were not even 20K a year. I have been told conflicting information about whether or not I have to tell HMRC that I am using carry forward. Tax relief sounds like double Dutch to me so need a simpler explanation if possible. So my questions are 1 Do I have to tell HMRC ( and if so using what format? ) ( I have started doing SA from 23-23 as my income is over 100k now) 2 Do I need to do something about tax relief, or will it all be taken care on in 23-24 Self assessment.
Posted Fri, 02 Feb 2024 14:46:19 GMT by HMRC Admin 2

You only need to report if you have a charge to pay.

You should however keep records to be aware of any unused relief that you have available, in the event it happens again

HS345 Pension savings — tax charges (2023)

Thank you.

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