How did the budget affect how much you can pay into pensions?
The spring 2023 budget announced some substantial changes to the limits that apply to pension contributions.
Each year individuals can generally invest into pensions the lower of:
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- Their earned income.
- The annual allowance.
- The tapered annual allowance.
There is also …
How does the 2021 budget affect the tapered annual allowance?
The tapered annual allowance was introduced in April 2016 and reduces the annual allowance available to high earners.
The minimum amount which the annual allowance can be reduced to will remain unchanged at £4,000 for tax year 2022/23.
Farrell Financial …
How does the 2021 autumn budget affect the annual allowance?
The annual allowance will remain unchanged at £40,000 for tax year 2022/23.
The annual allowance is the maximum pension contribution that will receive tax relief in the tax year. For higher earners this may be reduced by something called the …
Happy new tax year
Today (6th April) marks the start of the 2021/22 tax year. This means you can now start to utilise your pension and ISA allowances for tax year 2021/22.
Farrell Financial Planning are in the process of updating our website for …