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Bobziz
Bobziz Posts: 676 Forumite
Fifth Anniversary 500 Posts Name Dropper
Hi, if I make net pay pension contributions such that my taxable pay is £12570, am I right in assuming that I have both the full £5k starter rate for savings and £1k savings allowance available ?

Thanks.

Comments

  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 18,189 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Bobziz said:
    Hi, if I make net pay pension contributions such that my taxable pay is £12570, am I right in assuming that I have both the full £5k starter rate for savings and £1k savings allowance available ?

    Thanks.
    Yes.  But are you 100% certain you understand pension contribution methods.

    Net pay contributions aren't something you usually "make", they are part of your employers payroll process.
  • Bobziz
    Bobziz Posts: 676 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Bobziz said:
    Hi, if I make net pay pension contributions such that my taxable pay is £12570, am I right in assuming that I have both the full £5k starter rate for savings and £1k savings allowance available ?

    Thanks.
    Yes.  But are you 100% certain you understand pension contribution methods.

    Net pay contributions aren't something you usually "make", they are part of your employers payroll process.
    Thanks. Yes lgps and avc combined to bring my taxable down to £12570 all via payroll.
  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 18,189 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Bobziz said:
    Bobziz said:
    Hi, if I make net pay pension contributions such that my taxable pay is £12570, am I right in assuming that I have both the full £5k starter rate for savings and £1k savings allowance available ?

    Thanks.
    Yes.  But are you 100% certain you understand pension contribution methods.

    Net pay contributions aren't something you usually "make", they are part of your employers payroll process.
    Thanks. Yes lgps and avc combined to bring my taxable down to £12570 all via payroll.
    If your P60 is going to show taxable pay of £12,570 and you have no other non savings non dividend income (other earnings, P11D benefits, rental income profit etc) then yes, you will get the full savings starter rate band.

    Or £3,740 of it if you have applied for Marriage Allowance.
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