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40% on your entire contribution?
conradmum
Posts: 5,018 Forumite
I've heard several mentions of the fact that higher rate tax payers get 40% tax relief on their contributions, but is this on the entire pension contribution? After all, the 40% tax is only payable on the amount of salary that exceeds the band.
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Comments
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You have answered your question. It is based on the amount that qualifies for higher rate relief.
The posts that refer to higher relief cannot be expected to mention every time that it depends on the amount over the threshold you are. In reality, the number of people that only get part higher relief would be relatively small.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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