Exceeding 40k pension contributions
Ciprico
Posts: 550 Forumite
I have been careful not to exceed 40k through salsac but am near this limit
Last year's pension contributions were about 20k
If I wanted to create a new 'small pot' pension of 10k this year to use last years allowance is there any special paperwork to send to HMRC.
Am on paye, basic tax payer and don't do self assessment.
If I do nothing am I in danger of exceeding this years allowance or is the excess automatically applied to previous years allowances.
Last year's pension contributions were about 20k
If I wanted to create a new 'small pot' pension of 10k this year to use last years allowance is there any special paperwork to send to HMRC.
Am on paye, basic tax payer and don't do self assessment.
If I do nothing am I in danger of exceeding this years allowance or is the excess automatically applied to previous years allowances.
0
Comments
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Slightly heavy duty reading, but answers your questions + others which might spring to mind: https://www.gov.uk/guidance/check-if-you-have-unused-annual-allowances-on-your-pension-savings0
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You do have enouch taxable income in this case around £50,000 less your employers contribution.0
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