Appreciate your comments.Will certainly take professional advice.
Delighted to have been of assistance, Gordon.
Thank you for your excellent support.
Would you mind if I ask a quick question. As I explained earlier I will receive a lump sum of two years salary about £130000 from my employer (from their loss of licence insurance policy) At the moment HMRC say the sum will be fully taxed. To minimise tax, my company have agreed to put £110000 as an employer contribution into my company pension using my unused pension allowance for this year. and using the unused carry forward allowance from the previous 3 years.Do you think the lump sum would be pensionable for full tax relief of the £110000
Sorry for the late reply. Just been dragged shopping!!
I appreciate your reply and time spent. I realise the implications now of not being paid directly by the insurance company. My company has admitted the whole matter has been a steep learning curve for them as I've had to read up on HMRC legislation to get things moving.
Thanks for confirming my plan to put as much into my pension as possible using this years unused pension allowance and that of the three previous tax years. I think that really is my only option at present. I've a couple of employment lawyer friends studying the HMRC decision on the lump sum payment, so I think I may appeal if they feel that the HMRC decision is flawed.
You've been a fantastic fund of knowledge again, and I respect your judgement and explanations.
Thanks again for the reply. Appreciate that idea. I will certainly mention this to my advisors and discuss the matter with them.
Appreciate your help and concern
Not quite sure what I do to clear your question list??