High Income Child Benefit Tax Charge
in Benefits & tax credits
3 replies 216 views
Hi I’m confused as to how I work out my adjusted net income in order to determine the high income child benefit tax charge and need some clarification please.
For example, if I earned £58K in FY21/22 and paid £2575 in to my workplace pension that year is my adjusted net income £58K-£2575=£55425?
And so rather than using the £58K figure on my p60 when filling in my self assessment I would using the £55425 figure?
Any help much appreciated.
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What method is used to contribute to the pension is the key factor.
Relief at source?
Yes, that's correct. The taxable pay figure on your P60 should already have had your pension payment removed so that's the figure you use.