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Posted Wed, 14 Feb 2024 17:33:27 GMT by
This might be a silly question, but I am trying to estimate my total pension contributions for this tax year in order to maximise the £60k allowance. When calculating the pension contributions in this tax year do I add-up the amounts that have been reached my pension in the tax year or the totals paid via payroll? Reason being that there's a lag between pay day (26th of the month) and when the contributions actually hit my pension pot (usually around 18th of the following month). Should my April pension input be counted in the previous tax year because its actually the contribution from March payroll? This would be at odds with my pension statement which counts-up the values that arrived into the scheme in the current year. Can't seem to get any clarity on this anywhere.
Posted Tue, 20 Feb 2024 08:31:06 GMT by HMRC Admin 19 Response
Hi,

The maximum is your gross salary or £60000, whichever is lower. You do not count payments into the pension scheme that your employer makes.  

For tax purposes, you would use the date you are paid, as that is when the deduction is taken from your salary and not the date your pension company recieves it.

Thank you.

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