Can I back date 40% Tax relief on Pension Contributions

Whistler67

I recently retired and have found out my Pension was only being topped up by 20% by the Inland Reveue (I.R.) however I was higher rate tax payer and the top up or tax relief should have been 40%.  This was a worklace pension scheme which was taken as a drawdown in November 22. However I did have further contributions from myself and my employer after this was in "Drawdown" and another workplace pension scheme with the same company started up automatically. I also recently received backpay from a delayed pay deal and contributions also went into the other workplace pension that started after the previous one was in drawdown.

My question is this;  Can I contact the I.R and request that the additional 20% missed out on is deposited into my current worplace pension fund and if so how many years can I go back? 

Any help on this will be greatly appreciated.

Albermarle

I believe it is possible but not sure how many years you can go back. It was actually your responsibility to inform HMRC and not a mistake anybody has made. Any  money back will be paid as a rebate, not paid into your pension.

Best wait for someone more tax expert to comment.

Dazed_and_C0nfused

You have misunderstood somewhere along the line.

RAS contributions only ever get 20% tax relief i.e. you pay £100 and the pension company adds £25 giving you a pension fund of £100.

Any personal tax saving has to be claimed from HMRC (or forms part of your Self Assessment calculation).

Which tax years do you think you might be due some additional tax relief for?

And did you complete Self Assessment returns for any of those year?

Whistler67

Dazed_and_C0nfused said:

RAS contributions only ever get 20% tax relief i.e. you pay £100 and the pension company adds £25 giving you a pension fund of £100.

A.  Having looked at the past 5 year for every £100 pund removed from my Pay for Pension it was topped up directly by HMRC by £20.  So I was taxed on full pay priot to contributions deducted and employed and paid under PAYE.

Any personal tax saving has to be claimed from HMRC (or forms part of your Self Assessment calculation).

Which tax years do you think you might be due some additional tax relief for?

A.  Possibly past 5 years

And did you complete Self Assessment returns for any of those year?

A. PAYE so never required ...unless until now :-)

hope this helps get some further guidance

Dazed_and_C0nfused

Having looked at the past 5 year for every £100 pund removed from my Pay for Pension it was topped up directly by HMRC by £20. So I was taxed on full pay priot to contributions deducted and employed and paid under PAYE

That cannot be right.  Either you only contributed £80 or you contributed £100 and £25 was added.

You need to know the correct position before doing anything else.

Self Assessment shouldn't be necessary but it is a different process if you had already completed returns.

You can claim any additional relief due for the 2018:19 tax year onwards.  But must claim by 5 April 2023 at the latest for 2018:19.

Whistler67

I will look at my contributions 2morrow. Tks

Whistler67

Loads of info on UNBIASED site

Whistler67

I receiived just uder £3k from HMRC once I has all my facts and completed online forms.  Thank to all

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