How To Claim Extra Tax Relief

Landslide_Victory

A friend of mine has been contributing £100 a month for around 10 years into a personal pension with an insurance company (not sure which one). He is a higher rate tax payer.


I've seen on here that you have to claim the extra tax relief. He was completely unaware of this. How does he do this and how many years (if any) can he back date it?


Many thanks.

Darksparkle

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

jem16

Landslide_Victory wrote: »

How does he do this and how many years (if any) can he back date it?

A simple phone call to HMRC will suffice if he doesn't already complete a tax return.

He can claim back 4 years.

Landslide_Victory

Thank you both

mania112

jem16 wrote: »

He can claim back 4 years.

Thanks, i was wondering this point too.

zagfles

Was he also unaware that he has to pay extra tax on bank interest? That he can claim extra relief for gift aid?

JuneAB

jem16 wrote: »

A simple phone call to HMRC will suffice if he doesn't already complete a tax return.

He can claim back 4 years.

Specifically 4 years after the end of the tax year he wants to claim so you have until April 2020 to claim for 2015/16 tax year

wolvoman

Landslide_Victory wrote: »

A friend of mine has been contributing £100 a month for around 10 years into a personal pension with an insurance company (not sure which one). He is a higher rate tax payer.


I've seen on here that you have to claim the extra tax relief. He was completely unaware of this. How does he do this and how many years (if any) can he back date it?


Many thanks.

Whilst doing so, perhaps your friend can pay his backdated tax on savings and dividends.

And keep his fingers crossed HMRC don't prosecute him.

Landslide_Victory

wolvoman wrote: »

Whilst doing so, perhaps your friend can pay his backdated tax on savings and dividends.

And keep his fingers crossed HMRC don't prosecute him.

No need for sarcastic comments. Most people are on here are just looking for helpful advice.

SensibleSi

Hi

I've a similar query.

I have two pensions a private stakeholder one and a work stakeholder.

I spoke to HMRC about claiming back pension tax relief as a higher rate tax payer and they said I could on the personal pension but not on my work one as it will have already been factored in through my wageslipe. Our accounts lady questioned this and encouraged me to get advice on getting the extra back on my work pension contributions.

Can anybody tell me what I need to be able to demostrate to get tax relief on this employer pension? I'd be very grateful.

As a secondary point, I'm only marginally above the higher tax threshold. Is the extra tax relief due in proportion to my earnings i.e. I'll only get a bit because I'm only just over the threshold.

Thanks!

Simon

Linton

SensibleSi wrote: »

Hi

I've a similar query.

I have two pensions a private stakeholder one and a work stakeholder.

I spoke to HMRC about claiming back pension tax relief as a higher rate tax payer and they said I could on the personal pension but not on my work one as it will have already been factored in through my wageslipe. Our accounts lady questioned this and encouraged me to get advice on getting the extra back on my work pension contributions.

Can anybody tell me what I need to be able to demostrate to get tax relief on this employer pension? I'd be very grateful.

As a secondary point, I'm only marginally above the higher tax threshold. Is the extra tax relief due in proportion to my earnings i.e. I'll only get a bit because I'm only just over the threshold.

Thanks!

Simon

Many work pensions are paid from gross income and so there is no tax rebate as the tax is never taken in the first pace. It should be clear from your payslip. Another possibility is that the higher rate tax rebate is already included in your tax code.

On the secondary point - you will only get a tax rebate for income above the higher rate threshold. So its possible that once you get the rebate for your private pension you are then below the higher rate threshold so no further rebate is needed.

If none of these possibilities apply suggest you contact HMRC again.