Tax Tables
Pensions & ISAs
Pensions:
There is no 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 of £3.600
In total pension input exceeds the annual allowance of £225.000 there is a tax charge at 40% of the excess. This limit does not apply in the year that full pension benefit are taken.
| Maximum age of tax relief | 74 |
| Minimum age of taking benefits | 50 |
| Lifetime allowance charge - lump sum paid 55% - monies retained on cumulative benefits exceeding | 25% £1.600.000* |
| Maximum tax-free lump sum | 25%* |
*Subject to transitional protection for excess amount
| ISAs: | Overall investment limit | £7,000 |
| Including cash maximum of | £3,000 |
