tony221149 Moore
Joined: 3/24/2024
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Paying into my Personal Pension Plan and impact on my Tax Code
I am 71 years old and am In receipt of a state pension. In the current tax year (2023-2024) I also worked on a regular basis. I pay £100 pcm into a personal pension plan. In addition, in February 2024, I paid a lump sum into this Pension Plan. Do I need to inform the HMRC of this lump sum, or do they automatically get this info from the Personal Plan provider (Standard Life).? The reason for asking this is because, as I understand it, this contribution is set against my tax code for the current year. If the necessary tax allowance is made I will then remain in the 20p in the £ and will not be taxed at 40p in the £. If I do have to inform them, what is the best way of letting them know?