FSAVC and Self Assessment

Ugley_Matt · 19 Dec 2019 at 09:38

For any Tax experts in here. Filling in a self assessment for this year and when it asks about pension contributions, i pay in to the company scheme, but also have a FSAVC that i pay into. Do I also count those FSAVC contributions for tax relief?

Kemik · 19 Dec 2019 at 11:50

Ugley_Matt said:
For any Tax experts in here. Filling in a self assessment for this year and when it asks about pension contributions, i pay in to the company scheme, but also have a FSAVC that i pay into. Do I also count those FSAVC contributions for tax relief?

What's a FSAVC?

Your employer scheme should already come off your payslip.

Bear · 19 Dec 2019 at 11:57

Free-Standing Additional Voluntary Contribution and if you pay into a pension out of your own pocket after tax, then yes you put it on yor tax return as it adjusts your personal allowance by the same amount and the provder can claim tax back on the contributions if I am not mistaken. Kemik will obviously know more about it

The_Abyss · 19 Dec 2019 at 11:58

FSAVC = free standing additional voluntary contributions. Basically, a very old, outdated pension policy.

OP - the answer should be yes. I trawl through my memory correctly. FSAVCs were, I think, often set up to receive contracted out contributions. However, it hasn’t been possible to contract out since April 2012 in a defined contribution contract (April 2016 in a defined benefit contract) so that means almost certainly the contributions are yours and are therefore tax relievable.