Higher Rate Tax Pension Refund Calculation Help

mrnomoneybags

Hi All, can somebody put me straight on my calculations please.

After recently finding out I can claim an additional 20% Tax on my pension contributions due to being in the higher rate tax band, I phoned HMRC and after the 3rd call I finally got through to somebody who confirmed I can.

HMRC have now adjusted my tax code to allow for the additional tax relief going forward,

I got the follow Tax relief  (20%)

21/22 - £550.05
20/21 - £486.10
19/20 - £600.87
18/19 - £285.35
17/18 - £97.39

Total £2029.66

Am I now due a refund for the this amount to make up the additional 20% ??

Thanks

Dazed_and_C0nfused

There is no fixed additional 20%.  It depends how much higher rate tax you have paid.

Are the figures you have quoted for each year the amount of basic rate tax relief the pension company added to your pension fund when you made "relief at source" contributions?

Also, did you complete Self Assessment returns for any of the years you refer to?

mrnomoneybags

Hi,

Yeah those figured are the basic tax relief paid and relief at source. (Scottish Widows confirmed only 20% is taken)

No I didn't so any self assessments for any of those years.

thanks

Dazed_and_C0nfused

You just need to send the details to HMRC and ask them to review each year*

Let them know the gross amount for each year, for example 2021:22 was presumably £2,750.25 gross.

*you are too late now to claim anything for 2017:18, the deadline for that year was 5 April 2022.

The amount of tax relief due will depend on how much higher rate tax you have paid each year, for example in 2020:21 the higher rate threshold was £50,000 so unless you were earning more than that you wouldn't have paid any higher rate tax.

HMRC will send calculations for each year a refund is due.

mrnomoneybags

Ah OK, 

I was defiantly in the higher rate band on every one of those years

I phoned HMRC before April 5th so I should be OK for 2017/18.

I guess I will patiently wait for HMRC, thanks for your feedback