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the maximum amount of contribution attracting tax relief is higher of
a) the individual’s relevant uk earning
b) 3600there is also annual allowance of 40000 for the year 2014/2015
what is the maximum amount that a person can contribute as pension?
do we have to consider the annual allowance or the higher of
a) the individual’s relevant uk earning
b) 3600The taxpayer may contribute any amount into their pension scheme but tax relief is only available on higher of:-
individual’s relevant earnings, or
£3,600
In addition if the total pension input (contributions by both employee and employer) for the year exceeds the Annual Allowance (AA), then an AA charge is made. The AA is increased by any unused AA brought forward from the previous 3 years
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