 TAX
DATA INFORMATION
Savings
Pensions and ISAs
Pensions:
There is no financial limit on the amount that may be contributed to a registered
pension scheme. The maximum amount on which an individual can
claim tax relief in any tax year is the greater of the individual's
UK relevant earnings or £3,600.
If total pension input exceeds the annual
allowance of £255,000 there is a tax charge on
the excess. This limit does not apply in the year that full pension
benefits are taken.
| Maximum age for tax relief |
74 |
| Minimum age for taking benefits |
55 |
| Lifetime allowance charge |
|
- lump sum paid |
55% |
- monies retained |
25% |
| on cumulative benefits exceeding |
£1,800,000 |
| Maximum tax-free lump sum |
25%* |
*Subject to transitional protection for
excess amount.
A charge may apply in respect of contributions where an individual has relevant income of £130,000 or more.
| ISAs |
|
| Overall investment limit |
£10,200 |
| Including cash maximum of |
£5,100 |
|
