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Pension tax relief: Many unaware that they could claim relief on their contributions

PENSION contributions are encouraged by the government, with private pension contributions being tax-free up to certain limits. However, hundreds of thousands of people every year are believed to miss out on what is essentially free money from the government. It is believed that many higher-rate taxpayers do not claim back their entitled relief as they mistakenly expect to receive it automatically. These misunderstandings could be costing British taxpayers billions.

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