Possible tax charge?
Posted: February 13th, 2020, 11:37 am
My wife transferred her pension from the NHS to the LGPS Council scheme recently and she received a letter from them as the transfer seems to have increased her Pension Input Amount (PIA) for 2018 - 2019 to way above £40,000, the yearly limit, so she may have to pay a tax charge, amongst the complicated literature it makes mention of any amount being due can possibly be offset by any accumulated unused allowances from the last 3 years and advises you to check at this HMRC link they provide, upon inputting the various figures provided by the NHS and LGPS it provides a table which I have copied below, does anyone know how to interpret this as in does she owe something? or does the 3 year thing cancel it out?
Year.............Available Annual Allowance.........Pension Input Amount.....Amount On Which Tax is Due............Unused Annual Allowance
2018-2019............... £77,287..............................£168,468...........................£91,181.........................................£0
2017-2018...............£102,825.............................£26,488................................£0.........................................£37,287
2016-2017...............£105,592.............................£21,780................................£0.........................................£62,825
9/7/2015 - 5/4/2016..£100,037.............................£34,445................................£0.........................................£65,592
6/4/2015 - 8/7/2015..£140,037.............................£12,537................................£0.........................................£100,037
2014-2015................£60,987...............................£950..................................£0..........................................£60,037
2013-2014................£50,000..............................£29,013................................£0.........................................£20,987
Beseeinyou
Year.............Available Annual Allowance.........Pension Input Amount.....Amount On Which Tax is Due............Unused Annual Allowance
2018-2019............... £77,287..............................£168,468...........................£91,181.........................................£0
2017-2018...............£102,825.............................£26,488................................£0.........................................£37,287
2016-2017...............£105,592.............................£21,780................................£0.........................................£62,825
9/7/2015 - 5/4/2016..£100,037.............................£34,445................................£0.........................................£65,592
6/4/2015 - 8/7/2015..£140,037.............................£12,537................................£0.........................................£100,037
2014-2015................£60,987...............................£950..................................£0..........................................£60,037
2013-2014................£50,000..............................£29,013................................£0.........................................£20,987
Beseeinyou