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How to claim tax back on private pension contributions?
sianlouise
Posts: 45 Forumite
My husband pays into a private pension scheme and is currently on the higher rate tax rate. One of his colleagues said that they claim some tax back for their private contributions. Is this true, can he do this? If so, how do we claim it back?
Any help is appreciated.
Any help is appreciated.
I don't have a signature yet....
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Comments
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Depends on the type of pension. Some are handled within the payslip under PAYE. Others require you to put the contribution in the pension section on the tax return or to notify HMRC each year of the amount of contributions if you dont get tax return.
What type of pension is it?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 -
It is a Talisman Personal Pension plan, does that help?I don't have a signature yet....0
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On his wageslip, does the deduction come out of his gross pay or out of his net pay? If you are not sure ask HR / payroll.
If out of gross pay he is already getting full tax relief. If out of net pay, he can likely claim back some of the tax he has paid.0 -
It comes out of his bank account so it would be his net pay. DO I just write a letter to the tax office??I don't have a signature yet....0
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It is a Talisman Personal Pension plan, does that help?
That would make it an old fashioned Scottish Life plan. The "Talisman" brand covered section 226 retirement annuity contracts and personal pensions (many had good guaranteed annuity rates as well).
Do you know if its a personal pension or a retirement annuity contract? (RACs are paid gross but you claim the tax back, PPPs are paid net of basic rate tax and you claim the higher rate relief back)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 -
It is the personal pension plan. Thanks for all of the help, how do I go about claiming the higher rate relief back?I don't have a signature yet....0
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sianlouise wrote: »It is the personal pension plan. Thanks for all of the help, how do I go about claiming the higher rate relief back?
Your husband should phone up HMRC and tell them the gross amount of pension contributions. They will then adjust his tax code accordingly. You can also ask them to backdate any claim for however may years they currently go back.0 -
So to adjust your Personal Allowance if your Gross Contributions are say £3.5k and you net from salary £2.5k do you increase PAllow by 20% of the £3.5k, or 20/40 of £3.5k. ie £700 or £1,750 ?0
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