PENSIONS – TAX RELIEF ON PENSION CONTRIBUTIONS
- Introduction
- Capital Allowances – Plant and Machinery
- Capital Gains TAX (CGT)
- Car Benefits
- Car Fuel Benefit
- Cars – Advisory Fuel Rates For Company Cars
- Child Benefit
- Corporation TAX Rates
- Employee’s Statutory Payments
- Income Tax Allowances
- Income TAX Rates – Across The UK
- Income TAX Rates – Scotland
- Income TAX Rates – Wales
- Individual Savings Account (ISA)
- Inheritance TAX (IHT)
- Land and Buildings Transaction TAX
- Land Transaction TAX
- Mileage Allowance Payments (MAPS) for Employees
- Minimum Wage
- National Insurance Contributions (NIC) – Rates and Allowances
- Pensions Automatic Enrolment
- Pensions – TAX Relief on Pension Contributions
- Property Allowance
- Self Assessment – Key Dates
- Stamp Duty
- Stamp Duty Land TAX (SDLT)
- State Pensions
- TAX Reliefs for Individuals
- Trade Allowance
- Van Benefit
- VAT
- VAT Fuel Scale Charges
- Vehicle Excise Duty (VED) – Passenger Cars
2023/24
2022/23
2021/22
2020/21
2023/24
- Tax relief available for personal contributions is the higher of £3,600 (gross) or 100% of relevant earnings.
- Any contributions in excess of £60,000, whether personal or by the employer, may be subject to income tax on the individual.
- The limit may be reduced to £10,000 once money purchase pensions are accessed.
- Where the £60,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
- The annual allowance is tapered for those with adjusted income over £260,000. For every £2 of income over £260,000 an individual’s annual allowance will be reduced by £1, down to a minimum of £10,000.
- Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’ for the purposes of the business. The tax relief for large contributions may be spread over several years.
2022/23
- Tax relief available for personal contributions is the higher of £3,600 (gross) or 100% of relevant earnings.
- Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual.
- The limit may be reduced to £4,000 once money purchase pensions are accessed.
- Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
- The annual allowance is tapered for those with adjusted income over £150,000. For every £2 of income over £150,000 an individual’s annual allowance will be reduced by £1, down to a minimum of £10,000.
- Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’ for the purposes of the business. The tax relief for large contributions may be spread over several years.
2021/22
- Tax relief available for personal contributions is the higher of £3,600 (gross) or 100% of relevant earnings.
- Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual.
- The limit may be reduced to £4,000 once money purchase pensions are accessed.
- Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
- The annual allowance is tapered for those with adjusted income over £240,000. For every £2 of income over £240,000 an individual’s annual allowance will be reduced by £1, down to a minimum of £4,000.
- Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’ for the purposes of the business. The tax relief for large contributions may be spread over several years.
2020/21
- Tax relief available for personal contributions is the higher of £3,600 (gross) or 100% of relevant earnings.
- Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual.
- The limit may be reduced to £4,000 once money purchase pensions are accessed.
- Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
- The annual allowance is tapered for those with adjusted income over £240,000. For every £2 of income over £240,000 an individual’s annual allowance will be reduced by £1, down to a minimum of £4,000.
- Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’ for the purposes of the business. The tax relief for large contributions may be spread over several years.
