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From 6 April 2011, income tax relief for pension contributions has been restricted to a much lower annual allowance of £50,000 per year, with the ability to carry forward any unused relief for three years. This allowance applies to all types of input into a pension scheme, whether they are from an individual or a company.
If earnings are less that £50,000, then pension contributions are restricted to 100% of earnings for each tax year.
Where contributions exceed the above limits they incur a tax charge on the excess to claw back excess income tax relief. This is called the annual allowance charge and is collected through the self assessment tax return.
For further information regarding pensions we are happy to put you in touch with our Independent Financial Advisors.

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