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Pension savings – changes to Annual Allowance helpsheet

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We get lots of questions from agents asking what information is needed with regards to pension savings on the Self Assessment tax return.

Customers who exceed their annual allowance need to tell us on their Self Assessment Return. It’s in the ‘Pension Savings Tax Charges’ section on page Ai 4 of the additional information pages.

Customers with a charge may opt for their scheme to pay it. This still needs to be recorded on their tax return but it’s important that the correct boxes are used to make sure they pay the right amount of tax.  There is quite a high error rate in this area, so to help you get this right we have revised and clarified our guidance on this subject. You can find it in helpsheet HS345: section 5.

We hope this revised guidance will be helpful if you haven’t submitted your client’s tax return.

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