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Tax Relief
kirky400
Posts: 8 Forumite
I am 60 and working full time and also taking my age 60 Royal Mail pension ( there was no choice but t take it as it would not increase in value) Is it worth paying a large chunk of my wages into my age 65 pension as AVC and getting the tax relief and avoid paying the 40% tax rate. Will I be able to take 25% of all I put in as tax free and then pay 20% tax on the rest. Many Thanks
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Yes. ………..1
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and getting the tax relief and avoid paying the 40% tax rate.
Depending on the method of contribution, you may avoid paying the tax on any contributions altogether, or you may pay the tax and get some back via the pension provider and some you will have to claim from HMRC.
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