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Posted Mon, 22 Jan 2024 11:19:29 GMT by Man Lung Lee
Dear HRMC, I am a self-employed people (working as a sole trader) for 2023/24 and my total income (net expense) is around £81K which I shall become a higher rate tax payer. I am considering to join a private person pension scheme since I want to pay fewer tax. If I contribute £30K to a private pension, will this reduce my total taxable income to £50K? Will I get £30K tax relief which can be reflected on self assessment return? Such that I don't need to pay for 40% portion
Posted Thu, 25 Jan 2024 11:15:47 GMT by HMRC Admin 20 Response
Hi Man Lung Lee,
HMRC cannot comment on future events as your plans may change. for current guidance, please refer to Tax on your private pension contributions
Thank you.

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