Pension tax relief calculator
How little could your pension contribution cost you?
No matter how much tax you pay, as long as you’re under 75 and resident in the UK for tax purposes, you’ll automatically get a 20% top up in tax relief from the government on anything you pay into a pension.
For example, if you pay £8,000 into your pension, the government will add an extra £2,000, bringing the total amount to £10,000. You can claim even more through your tax return if you pay tax at a higher or additional rate.
If you’re a Scottish tax payer slightly different tax bands and rates apply to your income which could affect how much tax relief you receive. Make sure you tick the ‘I pay income tax in Scotland’ box below.
Calculate your tax relief
Why have we used these figures?
The chancellor will announce the outcome of a review of pension tax relief on 16 March 2016. It has been widely reported he is considering introducing a single savings incentive of between 25% and 33% for everyone.
It is important to note nothing has been confirmed. The chancellor could decide to change nothing or choose a different system.