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 tapered annual allowance (TAA).
Farrell Financial Planning provide independent advice on pension planning.
It is important to take independent financial advice before making any financial decisions.
All information is based on Farrell Financial Planning’s understanding of UK law & HMRC practice in the UK. Tax and legislation are subject to change.
All information is correct as at 27/10/21.
A pension is a long-term investment. The fund value can fluctuate and go down. All information is based on Farrell Financial Planning’s understanding of UK law & HMRC practice in the UK. Tax and legislation are subject to change.