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HMRC have launched an online tool to help employees check whether or not they need to calculate their annual allowance tax liability, even if they have not received a pension statement.
Pension providers should have recently sent annual allowance statements for 2011/12 and 2012/13 to members who have contributed more than the maximum £50,000 a year to a scheme. The issue of statements was a legislative requirement of FA 2011.
HMRC have launched an online tool to help employees check whether or not they need to calculate their annual allowance tax liability, even if they have not received a pension statement.
Pension providers should have recently sent annual allowance statements for 2011/12 and 2012/13 to members who have contributed more than the maximum £50,000 a year to a scheme. The issue of statements was a legislative requirement of FA 2011.
Taxpayers who know they need to calculate the charge for paying over the annual allowance can use the Revenue’s digital calculator.
