UK Pension Contributors Are Eligible For Up To £10K From HMRC!
When you contribute to your pension, the government adds a 20% pension tax relief automatically, reflecting the income tax you've already paid on that money.
For instance, if you pay £80 into your pension, it's topped up to £100. However, if you fall into the higher-rate tax bracket and have paid 40% income tax on your contribution, you're entitled to claim higher rate tax relief yourself via your tax return.
Surprisingly, according to PensionBee, £1.3 billion in pension tax relief went unclaimed by higher and additional taxpayers in the five years leading up to 2021.
This unclaimed relief highlights a lack of awareness among taxpayers about the benefits HMRC offers.If you've contributed to a pension, you might be eligible for up to £10,000 from HMRC. Many individuals across the UK remain unaware of the tax relief opportunities provided by HMRC.
Discover your eligibility today with our free eligibility check.