I want to make a 30k AVC this tax year which will take my pension contributions to 55k. This will take me above the £40k annual limit. I can c/f limits from previous years as I haven't made more than £2k per annum of conts in 14/15 or 15/16.
My questions are:
- can I claim the b/f allowance through my self assessment form for 16/17 or is this more complex? Is this something the pension company will do. The AVC will not be paid as a payroll deduction.
- The additional AVC should reduce my taxable pay from 125k to £95k. Does this mean I will get a 60% tax benefit as I will recover my personal allowance as well as the 40% or is this limited to the 40% tax benefit only.
Thanks in advance for any advice received.
Mike
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