Annual Allowance

The annual allowance for the tax year 2021/2022 is capped at £40,000 or your salary if lower.

The annual allowance is the limit on the amount that can be contributed to your pension each year, while still receiving tax relief.

If you wish to pay in more than the annual allowance and still claim tax relief, you could carry forward from the past 3 years, but you will need to use up your current allowance first.

There is always the option to consider the Carry Forward process and it can be extremely useful, if available to you, if you are wanting to top up your pension from a bonus, pay rise or inheritance you may have received.

For more information, call us on 01522 538284 or email us at [email protected]

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

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