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  • RE: Pension Pot

    Many thanks for the very clear responses on this topic - it has been very helpful.
  • RE: Pension Pot

    Hi Thanks for taking time to respond. I was a deferred member of a DB scheme for the previous years, which I think means I do qualify for carry forward. I am (fairly) confident, having read the guidance and used the HMRC calculator, that I can contribute £72k this year = £60k allowance, plus £4k for each of previous three years (based on my income level). Where I was not clear was whether - having put in that level of contributions in at March 2024 (on a net basis so £57.6k net which my provider has topped up to £72k) whether I should simply register that amount in my self assessment for 2023/24. Or whether I needed to go back and amend previous self assessment returns for 2020/21, 2021/22, 2022/23. I think from your reply to another thread, that the answer is I simply put in this year's self assessment not previous years. (I am sure you are right, although another HMRC respondent seemed to imply that I should go back and change previous forms, which I have set in train and may have to correct again) Assuming I just put the £72k in this years return, I am not sure whether that means the full £72k will get higher rate relief which I am entitled to or whether that is capped to the £60k. V helpful to get any advice as - for the life of me - I cannot seem to get the answer from the published guidance....
  • RE: Carry forward pension contributions

    Thanks that is really helpful Just to be clear, I believed that I was only entitled to make carry forward contributions in respect of the three previous tax years (and so 20/21, 21/22 and 22/23) topping up the current year (23/24). My carry forward amount for each year I have calculated at the minimum of £4000 given my total income. So - with this year's £60k allowance - my maximum contribution including carry forward is £72k. Your response suggests I could make a carry forward contribution in respect of 19/20. Is that right? I thought these had already timed out?
  • RE: Pension Pot

    I have referred to that guidance. I believe that - for this year - I put in the £60k for the amount I've paid in using this year's allowance with the 20% top up from the pension provider. What I still cannot work out - having read the guidance - is whether I can go back and claim higher rate relief for the £4k carry forward contributions I am entitled to make for each of the previous 3 years. Do I have to go back and amend my return online (for 2022/23)? I don't think that is an option for the previous two years - do I have to write to HMRC? Or am I simply not entitled to that higher rate tax relief for those years at this point? I really appreciate any clarity you can give as I've been looking everywhere for an answer to this.
  • Carry forward pension contributions

    I have been a higher rate tax payer for the last four years. This year, I believe I am entitled to make £60k pension contribution and a further £12k for previous 3 years via carry forward. Can I claim higher rate tax relief only for the £60k current year allowance or can I also claim in respect of the previous three years? And if I can claim in respect of the carry forward payments, how do I do this? Via 23/24 self assessment? Or do I have to amend previous year submissions and/or write in to HMRC. (I think I can still amend the submission online for 22/23, but not for 21/22 or 20/21) Thanks for any help on this - I have found it really hard to establish the right approach from the guidance.
  • RE: Pension Pot

    I believe using HMRC online tools I am entitled to open a SIPP with a contribution of £60k for this year and £4k allowance for each of the last three years = £72k. Can I confirm that this is the amount I pay into the SIPP and the SIPP provider will claim basic relief on this amount? Or do I need to net it down myself to £60k and they claim the additional 20% on this lower amount. How to I claim additional tax relief as I was a higher rate tax payer for all 4 years?