Mobias will make an additional personal pension contribution for the tax year 2024-25, having already made contributions of £10,000 during this tax year. He has been self-employed since 6 April 2022, and has been a member of a personal pension scheme from the tax year 2023-24 onwards. Mobias’ trading profits and gross personal pension contributions since he commenced self-employment have been as follows:
Trading profit Pension contribution
Tax year £ £
2022-23 42,000 0
2023-24 53,000 46,000
2024-25 78,000 30,000
here i did it this way:
cont unused
23-24 46000 14000
24-25 30000 30000
so thought the max of still 44000 could be made
but in solution they said theres no max limit
could u just once explain how to do this coz im honslty facing a problem with pension contribution qtns
Ask the Tutor ACCA TX-UK
max pension contribution( acca practise hub)
4mo ago#1There is no maximum amount on how much can be put into a pension scheme, but there is a maximum amount on which tax relief is given.
From the information that you've provided, the maximum amount on which tax relief can be given in 2024/25 is the £44,000 that you've calculated.
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