Regarding Pension Scheme

This topic has 3 replies, 2 voices, and was last updated 3 years ago by JillyB.

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October 13, 2022 at 9:51 am #668506
JohnnySins
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Sir for example if
18/19 = gross contribution 1000
19/20 = gross contribution 1000
20/21= Gross contribution is 60,000 The relief on AIA would be =40,000+30,000+30,000= 130,000 But is say relevant earning for 20/21 is just but the relevant earning is 50,000 then the maximum relief Then maximum relief is 50k only sir? even though we have AIA exceeding 60 k
October 13, 2022 at 4:43 pm #668547
JillyB
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I’m really sorry but this question does not make sense.
Topic is pensions is it?
October 14, 2022 at 7:03 am #668571
JohnnySins
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Sorry About that Sir, Gross contribution to the personal pension scheme. If we have relevant earnings of 50,000 this year and Annual allowance for pension scheme of 60,000(40,000 this year plus 20,000) previous year. Then the maximum relief available is 50,000? this year since the relavant earning is 50,000?
October 14, 2022 at 3:46 pm #668619
JillyB
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Tax relief is available on pension contributions up to the amount of the relevant earnings. in this case £50k
Where contributions are paid in excess of the annual allowance there will be an annual allowance charge.

Chapter 10 of the notes explains how this works.
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