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Tax Relief on Pensions
ffacoffipawb
Posts: 3,593 Forumite
Higher rate tax is reclaimed via a tax return, but what about basic rate relief.
If I pay £78 into a stakeholder (not employer scheme) then the Life Co will reclaim £22 for each contribution. How does this work - how long between paying the £78 and the Life Co getting the £22 from Gordon?
If I pay £78 into a stakeholder (not employer scheme) then the Life Co will reclaim £22 for each contribution. How does this work - how long between paying the £78 and the Life Co getting the £22 from Gordon?
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Comments
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Within a couple of months.0
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Its done via the direct debit and you get the £100 of units purchased on cleared funds (within days). The life company has to claim it back and that takes longer and thats where I believe that RI has answered.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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dunstonh wrote:Its done via the direct debit and you get the £100 of units purchased on cleared funds (within days). The life company has to claim it back and that takes longer and thats where I believe that RI has answered.
Thanks, so I get the relief from day 1 really, the LifeCo is the one that has to wait!0 -
I think you need to change your pension provider to one that applies it immediately.ReportInvestor wrote:Within a couple of months.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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