This data relates to Personal Pensions. If you require specific, company pension information you should seek advice.
| Details | 2020-21 | 2021-22 | 2022-23 |
|---|---|---|---|
|
Lifetime Allowance |
£1,073,000 |
£1,073,000 |
£1,073,000 |
|
Annual Allowance |
£40,000* |
£40,000* |
£40,000* |
|
Annual Allowance Charge on Excess |
20%-45% |
20%-45% |
20%-45% |
|
Max. Relievable Personal Contributions, capped by the annual allowance and: |
100% of relevant UK earnings or £3,600 if greater |
100% of relevant UK earnings or £3,600 if greater |
100% of relevant UK earnings or £3,600 if greater |
|
Max. Pension Commencement Lump Sum |
25% of pension benefit value |
25% of pension benefit value |
25% of pension benefit value |
|
Lifetime Allowance Charge if excess drawn: |
as lump sum: 55% as pension: 25% |
as lump sum: 55% as pension: 25% |
as lump sum: 55% as pension: 25% |
|
Lifetime Allowance Charge if excess drawn: |
as pension: 25% |
as pension: 25% |
as pension: 25% |
|
Money Purchase Annual Allowance |
£4,000 |
£4,000 |
£4,000 |
* Unused allowances from the previous three tax years (limited by the annual allowance) may be carried forward to increase the 2017 /18 current year allowance. From 6th April 2016 onwards, there will be a reduction in the annual allowance by £1 for every £2 of adjusted income over £150,000 up to an upper limit of £210,000. From 6 April 2020, the threshold income will be over £200,000 and the adjusted income will be over £240,000. From 6 April 2020, the minimum level of which the annual allowance can taper down to will be reduced from £10,000 to £4,000.
Disclaimer : This website and its contents have been produced as a helpful reference point. The information should be used as a guide only and your specific circumstances are best discussed directly with us.
No reliance should be placed on this material and no action should be taken without seeking the appropriate professional or legal advice. Although the
authors make reasonable efforts to ensure the content of this website is accurate and up-to-date, the authors make no representations, warranties or
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If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We, at Naail & Co, are pro-active and easily accessible North London accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call on your income tax planning using the link below. Looking for an expert North London accountants? Get in touch now.
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