I am trying to understand the rules on pension contributions and answers to the following 2 points in particular.
1. My employer contributions to my personal stakeholder pension in tax year 2016-17 were £48,000 which exceeds the £40K annual allowance. Do I need to pay tax on the extra £8K ? I had a letter from my pension provider saying that the allowance was exceeded but I'm not sure what I should do, if anything.
2. What is the maximum amount I can contribute to my pension this current tax year to maximise tax relief (current salary 76k). I believe I can carry forward unused allowances?
I've listed my employer contributions for the last few years below and would be grateful for advice on the above points
2017-18 employer - £2,675.32 and personal £2,612.92
2016-17 employer - £48,000.00
2015-16 employer - £26,000.00
2014-15 employer - £26,000.00
2013-14 employer - £24,000.00
2012-13 employer - £18,000.00
2011-12 employer - £16,000.00
2010-11 employer - £21,500.00
2009-10 employer - £16,000.00
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