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Pension Fund charges and Tax
BattyJ
Posts: 55 Forumite
in Cutting tax
When assessing pension contributions for Self Assessment
- Can you reduce the fund and maintenance charges from the amount contributed?
For example Annual contribution £60k.
- One of the funds charges a contribution charge for each deposit, and is taken from contribution. Is that deductible from the amount contributed when it comes to the £60,000?
- Also are ongoing maintenance charges in a fund deductible from the annual £60,000? Another fund makes a charge for the ongoing maintenance but I pay that separately via DD and it doesn't come from the fund itself.
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Can you reduce the fund and maintenance charges from the amount contributed?BattyJ said:
When assessing pension contributions for Self Assessment
- Can you reduce the fund and maintenance charges from the amount contributed?
For example Annual contribution £60k.
- One of the funds charges a contribution charge for each deposit, and is taken from contribution. Is that deductible from the amount contributed when it comes to the £60,000?
- Also are ongoing maintenance charges in a fund deductible from the annual £60,000? Another fund makes a charge for the ongoing maintenance but I pay that separately via DD and it doesn't come from the fund itself.
I assume not.
One of the funds charges a contribution charge for each deposit,
That is pretty unusual nowadays.
Another fund makes a charge for the ongoing maintenance but I pay that separately via DD and it doesn't come from the fund itself.
That is also unusual. Normally funds pay themselves, and there is no way for the client to pay them directly.
It is more common though for clients to pay platform charges directly.
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