HMRC Annual Allowance Calculator

HMRC has now launched a beta version of its new annual allowance calculator to help pension scheme members work out how much annual allowance they have used and how much they can contribute to their pension schemes without facing an annual allowance charge.

The new calculator includes the transitional annual allowance rules for 2015/16 and will help members to check whether they need to declare an annual allowance tax charge on their Self-Assessment return for the 201516 tax year (the deadline for submitting this is 31st January 2017). The new calculator also includes the current year.

Launching the calculator as a beta version means that HMRC will review and improve the calculator and welcomes feedback about using the calculator. There is a feedback option directly on the GOV.UK pages or feedback can be emailed to 

pensions.businessdelivery@hmrc.gsi.gov.uk 

with ‘Annual allowance calculator’ in the subject line of the email.

The annual allowance calculators and tools for previous years are still available on GOV.UK.

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