The deadline for 2022/23 Heritage pension claims has passed
You can receive tax relief on pension contributions up to the greater of:
However, where your total contributions exceed your available annual allowance, you will incur a separate tax charge.
Unless you have flexibly accessed a money purchase pension (for example, taken drawdown income from your pension) the annual allowance is £40,000 per year, with the ability to carry forward any unused annual allowance from the previous 3 tax years.
Please be aware if you have previously flexibly accessed a money purchase pension scheme (for instance, taken a taxable lump sum), you will have triggered the money purchase annual allowance which reduces your limit to £4,000 per year.
Getting the most from your money