HNWs urged to claim tax relief as January deadline looms

Duncan Lawrie Private Bank has estimated that 250,000 people paying 50% income tax assume their contributions to contract-based company pensions automatically receive 50% tax relief. However, only the basic rate of 20% tax relief is automatically credited, meaning high net worth individuals are missing out on up to £500m in tax relief every year, according to Duncan Lawrie. "Higher rate tax payers are responsible for filling in their own self-assessment tax forms and claiming tax relief on their pension contribution," said Simon Bonnett, head of financial planning at Duncan Lawrie. ...