I'm looking at the form on the HMRC to claim back tax on pension contributions, and I've got a possibly stupid question. I've got to the bit where it says
What was the total net contribution you made into this pension for the 2024 to 2025 tax year?
I'm not sure whether this number should be just my contributions, or include the basic tax relief already added? E.g. if I paid in £500 and the basic tax relief amounted to £125, should I put £500 or £625 here?
Tick.
I've no answers for you but it's a chore I need to get around to do ill have many of the same questions
£500
With some extra characters here since this piece of shit forum wont accept posts less than 5 characters.
Thanks @thegeneralist. Just to be clear, I'm not on salary sacrifice so my contributions are after tax. When I look on my pension provider statement, it shows my £500 and also the basic tax relief of £125.
When I look on my pension provider statement, it shows my £500 and also the basic tax relief of £125.
I would say £500 is the net amount, £625 is the gross amount.
Hi fish
I'm sure someone else will confirm/refute but for me the key thing is the word " net". I strongly feel that means the lower basic mount you pay. Gross would include that other £125 tax relief
IMHO
£500 is the answer
Do you need to claim it back if the pension provider statement says it already has it????
If he's a higher rate tax payer....
You only get tax relief automatically at 20%. If you are a higher rate tax payer you have to claim back the extra.
You can backdate this. I got 6 yrs back in one go.
Thanks all. Yeah claiming back the higher rate stuff.
On a similar subject, I cashed in a £500 pension last year, and had tax automatically taken off it upon payment to me. I’ve filled in the online form to re-claim the tax (I didnt earn much last year), they’ve come back to me and asked for details about this pension I’ve cashed in, on Form P53. Do I just scan the pension documents and post them off? I would have thought they had copies of it, but apparently not.