Pension Premiums 2014/15

2014/15

  • Tax relief available for personal contributions: higher of £3,600 (gross) or 100% of relevant earnings.
  • Any contributions in excess of £40,000 (previously £50,000), whether personal or by the employer, may be subject to income tax on the individual.
  • Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
  • Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’. Tax relief for large contributions may be spread over several years.