Tapered annual allowance

Understanding the tapering of your annual allowance can be complex.

From 6 April 2020, tapering occurs where you have adjusted income in excess of £240,000 per annum. This means you will see your annual allowance reduced by £1 for each £2 this is exceeded, to a minimum of £4,000.

Carry forward of unused reliefs

You will need to have earnings in the tax year the contribution is made that either equal or exceed the contribution to be able to receive tax relief.

Carry Forward can work for you If you’ve contributed less than the Annual Allowance in the previous three tax years and were a member of a UK registered pension scheme during that time.

Lifetime allowance

Frequent changes in Lifetime Allowance mean that advice is more important than ever. We will help optimise your retirement planning and ensure you’re taking full advantage of the latest Lifetime Allowance protection opportunities.

The value of this investment will be directly linked to the performance of funds you select, and the value can therefore go down as well as up. You may get back less than you initially invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax reliefs depends on individual circumstances.


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