Money down the drain: Higher rate taxpayers miss out on £230m by not claiming pensions tax relief
More than 180,000 higher rate tax payers are missing out on an estimated £230million of ‘free money’ by failing to claim tax relief on their pension contributions.
Thousands of people fail to claim tax relief on pension contributions
Each year, thousands of people who are outside the self-assessment system do not get the full tax relief on their contributions to personal pension schemes.
Avoid the Tory pensions tax grab
With relief for high earners set to be slashed, we look at how to maximise your savings before the shutters come down
How to claim pension tax relief (while it lasts)
This week’s great news for pension savers – a reduction in tax due on pension money passed on at death – could carry a sting in the tail.
Higher rate taxpayers miss out on £1bn pension relief
Some 23 per cent of all higher rate taxpayers could be collectively missing out on over £1bn in tax relief each year because they do not contribute to a pension, according to Prudential.
Half a million people could claw back up to £3,000
The Treasury is quietly pocketing hundreds of millions a year in ‘unfair’ tax nabbed from savers paying into company pensions, it has been claimed.
£225m in pension tax relief unclaimed by higher-rate taxpayers
Relief at source: making a contribution
An individual will make their contribution after deducting a sum equal to the basic rate of income tax on the contribution.
Are you missing out your pension tax relief?
Under some pension schemes the onus is on higher rate taxpayers to claim their tax relief, but many don’t realise they are failing to recoup thousands.
Tax on your private pension contributions
You can get tax relief on private pension contributions worth up to 100% of your annual earnings.
Higher rate pension savers missing out on tax relief
Figures from HMRC show that 55 per cent of the estimated 900,000 higher rate taxpayers in the UK contribute to defined contribution pension schemes.