Tax Relief for Higher Rate Taxpayers

bfgun

Am I correct in believing that as a higher rate taxpayer (40%), if I contribute £32K to my pension, the government will add £8K, and I can then claim back a further £8K via my tax return?

If so, must I wait until the next tax year to claim back the £8K or can this be claimed in the same year as the contributions are made?

Thanks for your help. 

Marcon

You can only claim higher rate tax relief on pension contributions to the extent you've actually paid higher rate tax.

See https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief for more info/details of how to claim higher rate relief.

Edit: if this is the same scheme you were in last year https://forums.moneysavingexpert.com/discussion/6321056/tax-relief-on-company-pension#latest where contributions are taken from your pay before it is subject to tax and NI, you'll get any higher rate tax automatically and won't need to make any sort of claim.

bfgun

Marcon said:

You can only claim higher rate tax relief on pension contributions to the extent you've actually paid higher rate tax.

See https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief for more info/details of how to claim higher rate relief.

Thank you, Marcon.

Dazed_and_C0nfused

bfgun said:

Marcon said:

You can only claim higher rate tax relief on pension contributions to the extent you've actually paid higher rate tax.

See https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief for more info/details of how to claim higher rate relief.

Thank you, Marcon.

As per @Marcon's edit there is nothing you can claim from HMRC.

You automatically receive the maximum possible tax relief.

bfgun

Dazed_and_C0nfused said:

bfgun said:

Marcon said:

You can only claim higher rate tax relief on pension contributions to the extent you've actually paid higher rate tax.

See https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief for more info/details of how to claim higher rate relief.

Thank you, Marcon.

As per @Marcon's edit there is nothing you can claim from HMRC.

You automatically receive the maximum possible tax relief.

Thanks for your reply, Dazed_and_C0nfused. My question was in relation to opening a new private pension, separate to my current employer's scheme.

My apologies, I did not make that clear in my original post.