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Claim back extra 20% on pension contribution
ProTofik
Posts: 31 Forumite
in Cutting tax
Hello,
In September 2022 I changed my job. In previous job, I was making 10% voluntary pension contributions whereas my employer was paying only 5%.
I was also making only about £36k a year.
From September 2023 I got a new job with a new employer, making £60k a year. The employer makes 8% contribution to the pension pot, and I make 10%.
The new job puts me into 40% tax bracket, and I heard that because of that I might be eligible to reclaim 20% of my pension contributions back from HMRC however trying to research how to do it and I am completely confused.
All websites and articles say that I need to fill in a self-assessment form via HMRC account online however I don't have that option when I login to my account. Government website says I need to register for UTR number first however when I tried I just received a letter saying that I am not eligible to register for it.
Can someone explain to me from scratch what am I eligible for, and how to claim for it please? Thank you.
In September 2022 I changed my job. In previous job, I was making 10% voluntary pension contributions whereas my employer was paying only 5%.
I was also making only about £36k a year.
From September 2023 I got a new job with a new employer, making £60k a year. The employer makes 8% contribution to the pension pot, and I make 10%.
The new job puts me into 40% tax bracket, and I heard that because of that I might be eligible to reclaim 20% of my pension contributions back from HMRC however trying to research how to do it and I am completely confused.
All websites and articles say that I need to fill in a self-assessment form via HMRC account online however I don't have that option when I login to my account. Government website says I need to register for UTR number first however when I tried I just received a letter saying that I am not eligible to register for it.
Can someone explain to me from scratch what am I eligible for, and how to claim for it please? Thank you.
0
Comments
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Where have you read a Self Assessment is necessary just for this?
Were you actually a higher rate payer in 2022-23?
It's not an "extra 20%", it's more complicated than that.0 -
How are your contributions taken from your salary.
By salary sacrifice ?( means your salary is reduced and the employer pays more into your pension.
By Net pay ( means the contributions are taken out of your pay before any tax is taken)
By Relief at Source ( means the contributions are taken from your taxed pay )
In the case of the last one the pension provider will add basic rate tax relief. Can you see your on line pension details to see if this is happening ?0
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