Leaving aside the reasons for doing it, can anyone tell me whether if I pay in money to a pension scheme from, eg an inheritance, where the sum was more than the normal annual £40k allowance I would be charged tax on it ? Is that even possible ?
Also, can anyone give me the calculation workings for tax on contributions over the £40k limit ?
(I'm aware of the 3 years backdating, btw, but would like to ignore that aspect for now.)
Thanks,
Also, can anyone give me the calculation workings for tax on contributions over the £40k limit ?
(I'm aware of the 3 years backdating, btw, but would like to ignore that aspect for now.)
Thanks,
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