Guidance
Step by step guide for the AFPS Pension Savings Taxation (Annual Allowance) notification letter for tax year 2020/21
This guide has been provided to assist members of the armed forces who have exceeded the standard tax free pension savings limit.
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Details
This guide has been provided to assist members of the armed forces to establish:
- if they are liable for a Pension Savings tax charge
- how to work out their tax bill if they are liable for a Pension Savings tax charge
- how to register for a self-assessment tax return, if required
- how to complete that tax return and how to pay the tax bill
- if they have exceeded the standard pension savings limit of £40,000 for tax year 2020/21 or both the threshold income exceeds £200,000 and the adjusted income (threshold income plus PIA) exceeds £240,000, on their AFPS pension savings.
Updates to this page
Published 16 June 2021Last updated 17 June 2022 + show all updates
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Updated step by step guide to 2021/2022 and removed previous versions of guide.
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Addition of 'Armed Forces Pension Scheme: a step-by-step guide to the Pension Savings Taxation Notification Letter for tax year 2020/21'.
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First published.