Hello I am a little confused how to declare pension contribution I am going to make towards my pension.
I had invested £30k in loan notes with my work for the last 15 years earning me interest which has compounded.
This year I have to draw this down and will be paid £80,000 (£50,000 will be interest).
I will receive the money gross of tax.
I want to pay £50,000 into my pension , carrying forward any necessary unused allowance from previous year. I am a 40% tax payer.
How do I go about this?
Do I pay £30,000 (less tax of £20,000) into my pension and then let the pension company claim the relief for me.
Or do I pay in £50,000 and declare on self assessment that it is gross payment before tax.
Thanks
Caffe
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