HMRC offers instant tax relief on pension contributions

HMRC has launched a new online system for instant tax relief on private pension contributions. This change allows individuals to quickly claim money back on their tax bills without the lengthy self-assessment process. Previously, taxpayers had to submit paper forms to claim relief, which could be time-consuming. The new system simplifies this process, enabling users to report contributions directly through the HMRC website. To qualify for the relief, individuals must meet specific criteria, including being a basic, intermediate, or higher rate taxpayer. HMRC will review claims and respond within 28 working days.