With effect from 6 April2011many of the rules relating to pensions have been changed.

There is no limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.

If total pension input exceeds the annual allowance of £215,000 there is a tax charge at 40% on the excess. This limit does not apply in the year that full pension benefits are taken.

Maximum age for tax relief 74
Minimum age for taking benefits 50
Lifetime allowance charge – lump sum paid 55%
                                      – monies retained    25%
on cumulative benefits exceeding £1,500,000*
Maximum tax-free lump sum 25%*

*Subject to transitional protection for excess amount.




Want better TAX ADVICE for 2016?

Setting up in business | Legal Compliance | Keeping informed | Planning for profit | Raising finance |
Managing growth | Buy, sell or merge | Minimising tax | Agreeing tax liabilities | Tax Rates 2015/ 16 |

Contact Demack Accountants

Are you human: 2+3=?

Our Services

Business start-ups, Accounts Preparation, Tax Planning and Advice, Tax enquiry and investigations, Personal & Business Taxation including Income Tax, Self Assessment Tax, Coming into/Leaving the UK, Inheritance tax, Capital Gains Tax, Corporation Tax, National Insurance, PAYE, Value Added Tax Advice and Company Secretarial services

What a Demack Chartered Accountant can do for you? Call 020 784 1122