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Contributions to personal pension plans are ‘paid net of basic rate tax’
Can u explain that phrase for me?Well to my understanding it means that when you physically pay in £80 into your personal pension fund, tax man adds another £20. So you end up having on your pensions fund £100.
In other words, you pay in net amount into your pensions fund and tax man gross it up by adding the 20% (basic rate).
Somebody correct me if I am not right!!!
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