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personal pension and Tax code

Questions and discussions about claiming benefits while living and working in the UK

Moderators: Casa, Amber, archigabe, batleykhan, ca.funke, ChetanOjha, EUsmileWEallsmile, JAJ, John, Obie, push, geriatrix, vinny, CR001, zimba, meself2

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jpsaab
Newly Registered
Posts: 10
Joined: Sat May 14, 2011 9:57 am
India

personal pension and Tax code

Post by jpsaab » Sat May 14, 2011 10:10 am

Hello,

Last year I have setup a personal pension with HSBC, I am putting £50 each month. HSBC is getting £12.5 from Govt in this fund.

Last week I called HMRC, about over tax and told about this HSBC pension also, and they told me that with this my TAX code will change from 747L to 777L. This is because of, I am putting £600/year and I would get benefit of £300 because of personal pension.
Now my question is as I am on Tier-1 and no access to public funds.
So my question is-: Is this £300 is benefit to me?
Does it would impact my extension of Tier-1.

Please suggest.

Kind Regards,
Jatinder
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geriatrix
Moderator
Posts: 24755
Joined: Fri Mar 17, 2006 3:30 pm
Location: does it matter?
United Kingdom

Post by geriatrix » Sat May 14, 2011 6:52 pm

It is not a benefit. It is just an increase in your tax-free allowance.
Life isn't fair, but you can be!
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vijay13
Newly Registered
Posts: 29
Joined: Sun Mar 01, 2009 11:31 am

Post by vijay13 » Sun May 15, 2011 4:25 pm

sushdmehta wrote:It is not a benefit. It is just an increase in your tax-free allowance.
Hi Sushdmehta,

I have opted for pension salary sacrifice sponsored by my employer and also my employer has provided free Private health option for myself,does this count as Public Benefit and will it affect my ILR.

Thanks for your help
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