PART 1 – Pension contributions – have you fully utilised your annual allowance? This allowance is up to a maximum of £40,000 per annum for UK individuals under 75. However, this is tapered down by £1 for every £2 for taxpayers whose income is between £150,000 and £210,000 to a minimum of £10,000. It is…
Tag Archives: pension contributions
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For every £2 that your adjusted net income exceeds £100,000 the £11,850 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%. The restriction applies between £100,000 and £123,700 adjusted net income. Another way that you could avoid…
