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Document Will I be charged interest on my Annual Allowance charge by HMRC?

If you pay the Annual Allowance charge yourself then it is payable as part of the normal tax bill. You should pay your Annual Allowance charge to HMRC by their deadline. You will be charged interest and may have to pay a penalty if your payment is late.
If you elect for NHS Pensions to pay some or all of your Annual Allowance charge we will only pay the charge if we receive a valid Scheme Pays election notice within HMRC deadlines.
If we pay your Annual Allowance charge on a voluntary Scheme Pays basis you remain liable for this charge until it is paid, unlike mandatory scheme pays we do not become jointly liable. You will be responsible for any interest HMRC may charge where the Annual Allowance charge is paid after the self-assessment tax return deadline. We will not pay any interest charges in respect of a voluntary scheme pays election.
You need to report the amount of Annual Allowance charge being paid by the 1995/2008 Scheme and 2015 Scheme on your self-assessment tax return.
If you have not received an Annual Allowance pension savings statement by the deadline date for submitting your self-assessment tax return you should estimate the amount of Annual Allowance charge you may have and make arrangements to either pay this on account to HMRC or complete a scheme pays election and send this to us by the HMRC’s Scheme Pays deadline.
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