Dilligaf720418 Hart
Joined: 10/8/2024
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RE: Tax Relief on Carry Forward Pension Contributions
Hi, I'm due to receive a £90k redundancy package... £30k will be tax free, the other £60k I want to pay into my pension to avoid incurring tax. I don't have sufficient allowance left from this financial year for the full £60kt but I do have sufficient from previous year allowances, carried forward. In practical terms, how do I use the previous years allowances? Who checks that I have enough allowance left to accommodate the full £60k? Do I need to tell anyone up front? If I don't tell anyone, do I get taxed on receipt of the redundancy and then have to try and claim it back some how? I don't currently generate a self assessment, it's all done PAYE.