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Posted Tue, 26 Nov 2024 08:52:40 GMT by jester43
Hello there I would like to make contributions to my pension pot this financial year and next but am unsure the annual maximum I can put in without being taxed. I understand the current maximum allowance is £60,000. Using the HMRC calculator my unused allowance is over £120,000 for the last 3 years. However, I have also read somewhere you cannot contribute more than your annual salary per year? Can you please clarify whether I can contribute £60,000 or my salary which is far less without being taxed. Many thanks
Posted Tue, 03 Dec 2024 08:52:27 GMT by HMRC Admin 19 Response
Hi,
You can see guidance here:
Tax on your private pension contributions
Thank you.
Posted Tue, 03 Dec 2024 10:32:12 GMT by Clive Smaldon
Not HMRC...you must have earned income in the tax year of payment to cover the contribution in full...if that is less than £60k then you can only pay in the gross taxable amount of your salary...anything more you cannot claim tax relief on/is subject to a tax charge...take advice from an IFA.

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