Wrigley Partington

Chartered Accountants & Business Advisors

Pensions & ISAs

Tax and accountancy

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 or £3,600.

If total pension input exceeds the annual allowance of £40,000 there may be a tax charge on the excess. This limit does not apply in the year that the full pension benefits are taken.

Maximum age for tax relief 74
Minimum age for taking benefits 55
Lifetime allowance charge - lump sum paid 55%
  - monies retained 25%
  Up to 5 April 2015 From 6 April 2015
on cumulative benefits exceeding £1,250,000 * £1,000,000*
Maximum tax free lump sum 25% 25%
* Subject to transitional protection for excess amount.    
     

ISAs - please seek financial advice with any investment

 

Overall investment limit - from 6 April 2017

£20,000

Help to Buy ISA monthly limit (£1,000 initial maximum deposit)

£200

Lifetime ISA

£4,000

Junior ISA - maximum contribution 2017-18

£4,128

Address

Wrigley Partington Chartered Accountants

Sterling House

501 Middleton Road

Chadderton, Oldham

OL9 9LY