FIT Payment and Pension Contributions | on ElectriciansForums

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Does anyone use the fact that if a customer has sufficient funds and doesn't need the FiT payment in their current account they could divert it to a private pension contribution and then the Govt would give them another 40% tax relief on it?
 
say I give your customer "ÂŁx" could they pay that into the fund and get 40% tax relief ? if the answer is yes then I don't see why not... if the answer is no then I guess the same will apply for the FiT. They way I look at the FiT is that its just money earn, you can tell the energy company to pay it into any account you choose (hence we have rent a roofs that exist) although what I am saying might not be fact I cant picture it working any other way. Hope that makes sense.

But I guess the best person to ask would be an accountant??? or whomever is in charge of the pension fund ? either way please share the results on here would be interesting to know how that does work.
 
Where the money comes from to pay his pension is irrelavent, So long as he is paying tax then subject to the fact that I am not a tax advisor, and the government has all sorts of rules, where he gets the money from to put in a pension is irrellavent, of course if he isn't paying any tax then he has nothing to claim back - you can't claim back more than you've paid :) It's just income same as the nomal 'tax free alloawances' to claim tax back you've got to pay it in the first place.
 
Just one tweak to what Worcester says, even if you do not pay income tax, you can get 'tax relief' on the first ÂŁ3,600 gross of personal pension contribution. So pay in ÂŁ2,880 and 20% notional tax is claimed back from the govt to make it up to ÂŁ3,600. But neither am I a financial advisor.
 
Does anyone use the fact that if a customer has sufficient funds and doesn't need the FiT payment in their current account they could divert it to a private pension contribution and then the Govt would give them another 40% tax relief on it?


You dont pay tax on FIT payments ???

However I do transfer my payments in a good ISA account - which is also TAX FREE, but gain a further 3.x % interest ontop !

However if you have a good company pension, where the employer doubles ( or more ) your payments into it - you would in theory double your money within the "pot" - but I'm no tax advisor neither so please take proper financial advise.
 
No its not possible. But see your accountant how close to retirement are you? FIT not income for pension purposes come to mind as well. Its to complex to go in to it on a forum
 

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