Walgreens Boots Alliance Pensions

Do you live in Scotland?
27 Apr 2018

Do you live in Scotland?

The Scottish Rate of Income Tax is now effective. People in Scotland will receive a tax code that has an ‘S’ prefix at the start. If you think you are affected but you haven’t received your new tax code, please contact HMRC. It is HMRC who decides who is a Scottish taxpayer, based on the address that they hold.

If you’re assessed as paying tax at the starter rate of 19%, your pensions tax relief will remain as 20% and HMRC won’t claim back the difference.

If you pay tax at 21%, you’ll have to contact HMRC or complete a tax return into order to claim back the additional 1% tax relief. Likewise, higher earners paying tax at 41% or 46% (instead of 40% or 45%) will be able to claim their full pensions tax relief through their annual tax return.

For more information, please take a look at this page on the L&G website.

 

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