Take advantage of the pension carry forward rules in order to benefit from any unused allowances from the previous three tax years. This is generally the difference between £50,000 and the pension input each year and can be added to your relief for 2013/14. Note that the annual pension allowance reduces to £40,000 from 6 April 2014.
From 6 April 2014, the lifetime pension allowance, which determines the amount you could save into pensions and receive tax relief will be reduced to £1.25 million. Apply for fixed protection before 6 April 2014 to continue to benefit from the current £1.5 million lifetime allowance.
If you wish to discuss this with us, then contact us on 01782 566101 or Contact@SlatersCA.co.uk
