HMRC publish guidance on pension savings annual allowances
Released 9 August 2018
HMRC have published a new guide on carrying forward unused annual allowances for pension savings.
Check if you have unused annual allowances on your pension savings explains that if pension savings are more than the annual allowance, unused annual allowances from previous years and be brought forward. The annual allowance is the limit on the amount of pension savings that can be made to all pension schemes in a tax year before tax has to be paid on them.
Pension savings over the annual allowance will not be taxed if there is enough unused annual allowance from previous years to carry forward. Unused allowances from the 3 previous tax years can be carried forward. The guide explains when unused annual allowances cannot be carried forward; how to check if the amount of unused annual allowance; how to carry forward unused annual allowances and what happens if there is no unused annual allowances.
View the new guide Check if you have unused annual allowances on your pension savings.