How do I get tax relief on my contributions?
From 6 April 2001, all member contributions are treated as amounts
paid net of basic rate tax, whether you are employed, self-employed or
not employed at all. The pension scheme then claims tax relief at basic
rate from the Inland Revenue on your behalf and adds it to your fund.
If you are a higher rate taxpayer, you can claim the balance of tax
relief due from the Inland Revenue, by completing the relevant section
on your self assessment income tax return. Or during the year, you may
obtain form PP120 from the scheme administrator or any Tax Office and
return it completed to your local Tax Office.
Note: Tax
relief for the year 2007/2008 is 22% basic and 40% higher rate. Levels
and bases of, and reliefs from, taxation are subject to change.
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