Self assessment - pension payments
Discussion
I normally do my own self assessment which is fairly straight forward, however just have a question regarding pension payments.
For the last tax year I made one off payments into my private pension for that tax year plus previous three.
My question is what goes into the box for:
“Payments to registered pension schemes”
And
“Total of any 'one-off' payments to registered pension schemes included in the 'Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider' box:”
Let’s say I paid in 40k equating to 50k gross, do I put the 50k into box boxes?
TIA.
For the last tax year I made one off payments into my private pension for that tax year plus previous three.
My question is what goes into the box for:
“Payments to registered pension schemes”
And
“Total of any 'one-off' payments to registered pension schemes included in the 'Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider' box:”
Let’s say I paid in 40k equating to 50k gross, do I put the 50k into box boxes?
TIA.
Edited by CantDecide on Wednesday 17th April 10:04
I went through the same process last week and found the HMRC help section quite useful in this instance.
"One-off payments are payments made in the year to 5 April 2024 that you do not intend to repeat in the year to 5 April 2025.
You will have made a 'net' payment. You should enter the gross amount; which is, the amount you paid plus the tax relief.
These amounts may be on any pension certificate or receipt you get from the administrator, or you can work it out by dividing the amount you actually paid by 80 and multiplying the result by 100.
Example
Emma paid £700 into her pension scheme. She puts £875 in this box (£700 divided by 80 and multiplied by 100), which is her net payment plus the tax relief of £175 (£875 at 20%).
If you pay tax at a rate above the basic rate, 20%, you are entitled to further tax relief. It will be automatically calculated and the credit included in your tax calculation.
Do not include any amounts for:
personal term assurance contributions
your employer's own contributions
contributions taken from your pay before it was taxed"
"One-off payments are payments made in the year to 5 April 2024 that you do not intend to repeat in the year to 5 April 2025.
You will have made a 'net' payment. You should enter the gross amount; which is, the amount you paid plus the tax relief.
These amounts may be on any pension certificate or receipt you get from the administrator, or you can work it out by dividing the amount you actually paid by 80 and multiplying the result by 100.
Example
Emma paid £700 into her pension scheme. She puts £875 in this box (£700 divided by 80 and multiplied by 100), which is her net payment plus the tax relief of £175 (£875 at 20%).
If you pay tax at a rate above the basic rate, 20%, you are entitled to further tax relief. It will be automatically calculated and the credit included in your tax calculation.
Do not include any amounts for:
personal term assurance contributions
your employer's own contributions
contributions taken from your pay before it was taxed"
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