Final chance to claim up to £81k in tax relief on pension contributions

The Summer Budget has created a window of opportunity to make the most of pensions tax relief before the current system changes. With a new tapered annual allowance from 6 April 2016, it is important to review and maximise pension contributions for high earners before the end of the current tax year. The changes may impact you if your income, including pension contributions, is in excess of £150,000.  An even greater impact could result from the outcome of the wider consultation on pension tax relief, which has been announced, with the potential for the loss of upfront tax relief on pension contributions.

The message is clear, take full advantage of the tax breaks whilst you can. The changes mean that there is the potential for a double pension contribution allowance in the current tax year, plus any unused allowance from the previous three tax years.

Pensions and tax are complex subjects and everyone’s situation is different, therefore if you would like further information or support please contact Kevin Hilton on: 01904 464100 or enquiry@garbutt-elliot.co.uk.