Don’t Lose Your Personal Allowance
For every £2 that your adjusted net income exceeds £100,000, the £10,600 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.
Related news
There has been a lot of speculation that the Chancellor may announce further major changes to tax relief on pension contributions in his March Budget, based on consultations with the pensions industry. Under the current rules an individual’s contributions can save them tax at their highest marginal rate and also help them avoid losing their personal allowance (see previous article ‘Don’t Lose Your Personal Allowance’)
View article about Will Pension Tax Relief Change Again on Budget Day?From 6 April 2016 employees of contracted-out defined benefit (DB) schemes will automatically be brought back into the State Pension scheme and will no longer be able to use a Contracted-Out Salary Related (COSR) occupational pension scheme to contract out of the State Scheme.
View article about Contracting out of additional state pension ends 5 April 2016What our clients say






