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annual limit and tax relief
Comments
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Many thanks for the helpful replies. so grateful.
Re the carry forward.. is that the same as using a previous years allowance and is that just a phone call to HMRC to sort out?0 -
Subject to qualification, you can use 3 previous years. You don't contact HMRC. You just keep a record.Re the carry forward.. is that the same as using a previous years allowance and is that just a phone call to HMRC to sort out?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 -
Wow, I didn't know it was that easy. that is good news.
Many thanks.0 -
Re the carry forward.. is that the same as using a previous years allowance and is that just a phone call to HMRC to sort out?
Previous years unused allowance, for the avoidance of doubt.
https://www.gov.uk/guidance/check-if-you-have-unused-annual-allowances-on-your-pension-savings#carry-forward-your-unused-annual-allowanceYou can carry forward unused annual allowances from the 3 previous tax years. You do not need to report this to HMRC.
If you have unused annual allowances from more than one year, you need to use them in order of earliest to most recent.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Thanks for the link Paul0
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You didn't mention if you were in DC or in DB scheme. The formula for the annual allowance will also take any guaranteed lump sums if you are in a DB scheme.
See here how to calculate the annual allowance and more information about tax relief:
https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/the-annual-allowance0
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