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Hello,
Basil is employed. During the tax year 2018/19 Basil had a taxable income of £160,000 which was all employment income. Basil made contributions of £50,000(gross) into a personal pension scheme during the tax year 2018/19. This was the first year that he had been a member of a pension scheme. In the future, his employer may contribute to Basil’s personal pension scheme.
-What is Basil’s annual allowance charge for the tax year 2018/19?
1. Could you just explain what does annual allowance charge mean?
– The answer is £6000. Without having an understanding of annual allowance charge, I am unable to obtain the answer.Thanks.
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