Is it really possible to get 60% tax relief ?

15/03/2011

For some people – most definitely !

With effect from the 2010/11 tax year, individuals lose £1 of their personal allowance for every £2 of earnings above £100,000.

This means that an individual with total taxable income above £112,950 will not receive any personal allowance. A pension contribution that reduces taxable income to less than £112,950 gets back some, or all, of the personal allowance, at an incredible effective rate of tax relief at 60%. 

This opportunity continues into the new tax year when the earnings figure used above increases to £114,950. 

If you would like more information on end of year tax planning opportunities centred on your personal circumstances, please contact us >>

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