what to do with 'windfall'

ablehump

first time question - really enjoyed reading the boards here!
i've emailed accountant, and also have arranged a meeting with financial adviser - but the more info I get beforehand the better.
over last 4 years I've paid a few k into pension - so believe I can use backdated allowance?
however in the 2019-2020 tax year i will have earnings of ~ £360000 - yup I've no idea how either. Prior years to this my income was around 100k pa.
so - question is - I realise this years income means I cant pay more then 10k into pension, but can I still use the allowance from the previous 3 years - also if I paid the money into my pension this year would I get tax relief at my highest rate (47.5% I think)

also - should I be looking at something other than pension? I have no mortgage or other debt, currently have about 600k in pension.
Thanks!

tacpot12

Not sure where you got the figure of £10,000 from, the limit is £40,0000.
You can carry forward tax relief from the previous three years, so can now pay in £160,000 less the amount paid in the current tax year and the three previous tax years. We are close to the next tax year, so you might holder some cash to pay in so that you can effectively pay in £40,000 in the 20/21 tax year as well. 

You will get tax relief at your highest rate, and I would take the opportunity to put it into your pension now, before the government can remove this valuable benefit. The tax relief means there is nothing better you can do than invest it in your pension. 

ablehump

you only get tax relief in a pension on 10k if your income goes well over 125k i thought?
tacpot12 said:

Not sure where you got the figure of £10,000 from, the limit is £40,0000.
You can carry forward tax relief from the previous three years, so can now pay in £160,000 less the amount paid in the current tax year and the three previous tax years. We are close to the next tax year, so you might holder some cash to pay in so that you can effectively pay in £40,000 in the 20/21 tax year as well. 

You will get tax relief at your highest rate, and I would take the opportunity to put it into your pension now, before the government can remove this valuable benefit. The tax relief means there is nothing better you can do than invest it in your pension. 

NoMore

tacpot12 said:

Not sure where you got the figure of £10,000 from, the limit is £40,0000.
 

Because the Op is subject to the AA taper on a income of £360000 !