Lisa Webster: Annual allowance charges explained (and how to pay)

Reporting and deadlines

clock • 4 min read

Lisa Webster explains annual allowance charges and factors in reporting and all-important deadlines...

31 January was deadline day. Not just for football transfers but for self-assessment tax returns. The pro-active among us may well have filed months ago (and according to HMRC there were even 2,828 who filed on Christmas Day), but many will be gathering information with a last-minute rush to beat the deadline. We are often asked how breaches of the pension annual allowance are reported, and how carry forward is dealt with. What and where on the self-assessment forms should this information be provided? It is the individual's responsibility to report any annual allowance breach to H...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Costly procrastination: Why inheritance tax is becoming a wider UK problem

Costly procrastination: Why inheritance tax is becoming a wider UK problem

'There is a clear disconnect between awareness and follow‑through'

Hugi Clarke
clock 14 May 2026 • 4 min read
IHT thresholds would be £270,000 higher if they rose in line with inflation

IHT thresholds would be £270,000 higher if they rose in line with inflation

Growing interest in onshore bonds

Isabel Baxter
clock 13 May 2026 • 2 min read
HMRC releases 'crucial' technical note on IHT on pensions

HMRC releases 'crucial' technical note on IHT on pensions

Law firm warns of complexity and risk for families and executors

Jenna Brown
clock 11 May 2026 • 3 min read