We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Effect of Pension Contributions on Tax Credits

[Deleted User]
[Deleted User] Posts: 0 Newbie
Part of the Furniture Combo Breaker
in Benefits & tax credits
Since April 2009 I have been paying £25.00 per Month into works Stakeholder pension scheme. I do not recall mentioning this to Tax Credits (or indeed being asked to declare it on the declaration). I now think if I am reading correctly I could be entitled to extra Tax Credit due to this. I am correct or getting it completely wrapped round my neck??

Thanks

Comments

  • allen35
    allen35 Posts: 1,516 Forumite
    As far as i'm aware you deduct pension contributions from your gross pay and then declare this as your assessed income for tax credit purposes.
    Forums can be/are a good guide to entitlement and it is good practice to back it up with clarification from the relevant department/specialist with written confirmation to safeguard yourself.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture Combo Breaker
    That's what I'm just reading on MumsNet, Yet I haven't done this... I shall be ringing them tomorrow! Thanks for your reply
  • allen35
    allen35 Posts: 1,516 Forumite
    Deleted_User wrote: »
    That's what I'm just reading on MumsNet, Yet I haven't done this... I shall be ringing them tomorrow! Thanks for your reply
    What to deduct from your income
    What you paid into a pension scheme that’s registered with HMRC. This includes a stakeholder pension and any Free-Standing Additional Voluntary Contributions. Don't show anything that was taken from your wages.

    And heres the link:

    http://www.hmrc.gov.uk/taxcredits/start/claiming/income-hours/employment-income.htm#3
    Forums can be/are a good guide to entitlement and it is good practice to back it up with clarification from the relevant department/specialist with written confirmation to safeguard yourself.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.3K Banking & Borrowing
  • 254.7K Reduce Debt & Boost Income
  • 455.9K Spending & Discounts
  • 248K Work, Benefits & Business
  • 605.2K Mortgages, Homes & Bills
  • 178.9K Life & Family
  • 262.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture