It’s not long before the new tax year of 2018-19, but Susan Hutter says make sure you don’t miss out with some useful financial planning before the current tax year closes.
From 6 April 2018, the annual allowance, which is effectively the maximum contribution payable into a pension scheme, is £40,000.
The annual allowance up to 5 April is also £40,000, including effective contributions into the NHS Superannuation Scheme.
The £40,000 will be reduced for every £1 of income over £150,000 to a minimum of £10,000 annual allowance. It is possible to increase the annual allowance for the tax year of the contribution by utilising the unused allowance from the preceding three years.LOGIN OR REGISTER TO READ MORE……………