I am hoping that someone can help me understand the tax relief relating to pensions. I contribute into a L&G Stakeholder pension scheme, my employer also contributes into this as well. Until this current tax year, my contributions (£168.23) were deduced from my Net salary and then there was an extra 20% tax relief added on when it went into the pension, as I am a higher rate tax payer I was able to claim a further 20% through my tax return.
This year the pension changed so that the full amount (210.28) is deducted from my Gross salary.
Am I eligable for any additional tax relief through my tax return?
I am assuming that I am not eligable for anymore tax relief, as my take home salary has increased (quick calculation using a £50k salart as an expample, pension deducted on net meant take home of £2814, pension deducted on gross meant a take home of £2858).
Hi,
I am hoping that someone can help me understand the tax relief relating to pensions. I contribute into a L&G Stakeholder pension scheme, my employer also contributes into this as well. Until this current tax year, my contributions (£168.23) were deduced from my Net salary and then there was an extra 20% tax relief added on when it went into the pension, as I am a higher rate tax payer I was able to claim a further 20% through my tax return.
This year the pension changed so that the full amount (210.28) is deducted from my Gross salary.
Am I eligable for any additional tax relief through my tax return?
I am assuming that I am not eligable for anymore tax relief, as my take home salary has increased (quick calculation using a £50k salart as an expample, pension deducted on net meant take home of £2814, pension deducted on gross meant a take home of £2858).
Thanks for your help with this.
Rob