Harper Sheldon Limited

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Welcome to Harper Sheldon

Your trusted partner for comprehensive accounting and financial services in Gloucestershire and beyond. We offer a wide array of solutions, ranging from accountancy and audit to taxation and payroll, ensuring all your financial needs are met under one roof.

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Tax relief on pension contributions
16/11/2023

Taxpayers can usually claim tax relief for their private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.

There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There used to be a lifetime limit for tax relief on pension contributions, but this was removed with effect from 6 April 2023.

You can qualify for tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is available on pension contributions at the highest rate of Income Tax paid by the person making the contributions.

This means that if you are:

  • a basic rate taxpayer you get 20% pension tax relief;
  • a higher rate taxpayer you can claim 40% pension tax relief; and
  • an additional rate taxpayer you can claim 45% pension tax relief.

The first 20% of tax relief is usually automatically applied by your employer with no further action required if you are a basic-rate taxpayer. If you are a higher rate or additional rate taxpayer, you can claim back any further reliefs on your Self-Assessment tax return.

The above applies for claiming tax relief in England, Wales or Northern Ireland. There are regional differences if you are based in Scotland.


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Contact Us

Harper Sheldon
Midway House, Staverton Technology Park, Herrick Way
Staverton
Gloucestershire
GL51 6TQ

01242 513232

This email address is being protected from spambots. You need JavaScript enabled to view it.

www.harpersheldon.com

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