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.

Maximum age for tax relief 74
Minimum age for taking benefits 55
Lifetime allowance charge (lifetime allowance limit £1,073,100) - lump sum paid 55%
  - monies retained 25%
  2020/21 onwards 2019/20
Maximum tax free lump sum 25% 25%
Annual Allowance 40,000 40,000
Threshold income limit 200,000 110,000
Adjusted income limit 240,000 150,000
Minimum where income exceeds limit 4,000 4,000
     

ISAs - please seek financial advice with any investment

 

Overall investment limit - from 6 April 2021

£20,000

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

£200

Lifetime ISA

£4,000

Junior ISA - maximum contribution 

£9,000

Address

Wrigley Partington Chartered Accountants

Sterling House

501 Middleton Road

Chadderton, Oldham

OL9 9LY