Are we on the right track? Advice welcome

Dew_2

Dazed_and_C0nfused said:

Dew_2 said:

Dazed_and_C0nfused said:

If you were paying higher rate tax and contributing (yourself) to the SIPP in previous tax years you can claim higher rate tax relief back to 2017:18 (you must claim for 2017:18 before the end of the current tax year).

Higher rate tax relief on "relief at source" pension contributions works by increasing the amount of your basic rate tax band, meaning you can pay more at 20% and less at 40%.

As such any higher rate relief due is limited by the amount of higher rate tax paid.  For example if you contributed £7,200 (gross) and paid higher rate tax on £1,000 then the higher rate tax relief would be £200 (£1,000 taxed at 20% instead of 40%).

I've already submitted self assessment tax returns for this year and those prior without including pension relief at 40% so I guess it's too late as my claims have already been made for those years?

If you've already submitted Self Assessment returns then you will have received the correct tax relief for each year via your Self Assessment calculation.

Or do you mean you have submitted returns without disclosing the relief at source pension contributions?

Submitted without mentioning relief at source pension contributions as 20% already given at source and that's all I thought I was eligible for. 

Dazed_and_C0nfused

Dew_2 said:

Dazed_and_C0nfused said:

Dew_2 said:

Dazed_and_C0nfused said:

If you were paying higher rate tax and contributing (yourself) to the SIPP in previous tax years you can claim higher rate tax relief back to 2017:18 (you must claim for 2017:18 before the end of the current tax year).

Higher rate tax relief on "relief at source" pension contributions works by increasing the amount of your basic rate tax band, meaning you can pay more at 20% and less at 40%.

As such any higher rate relief due is limited by the amount of higher rate tax paid.  For example if you contributed £7,200 (gross) and paid higher rate tax on £1,000 then the higher rate tax relief would be £200 (£1,000 taxed at 20% instead of 40%).

I've already submitted self assessment tax returns for this year and those prior without including pension relief at 40% so I guess it's too late as my claims have already been made for those years?

If you've already submitted Self Assessment returns then you will have received the correct tax relief for each year via your Self Assessment calculation.

Or do you mean you have submitted returns without disclosing the relief at source pension contributions?

Submitted without mentioning relief at source pension contributions as 20% already given at source and that's all I thought I was eligible for. 

It doesn't matter whether any additional relief is due or not, there is a box on the return for relief at source pension contributions, to be included.

So you will need to correct your returns.

You can no longer end your 2017:18 or 2018:19 returns, you would have to make a claim for overpayment relief for those years.

But you have until 32 January 2022 to amend your 2019:20 return.

If you have already submitted your 2020:21 return then that can be amended as well.