Pensions: There is no financial 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 £235,000 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
|
|
£1,650,000
|
| Maximum tax-free lump sum
|
|
25%*
|
| * Subject to transitional protection for excess amount
|
|
|
| ISAs:
|
Overall investment limit
|
£7,200
|
|
|
Including cash maximum of
|
£3,600
|
PLEASE NOTE: The information contained on this page and other pages in this website is for general guidance only.
No responsibility is token for action taken or refrained from in consequence of the contents of this website.
