Thinking of setting up your own business and not sure where to start? The internet can be a minefield of information so we’ve made it simple for you. One of our specialisms here at Egan Roberts is in start-up businesses. Most people who start up...
|Minimum age for taking benefits||55|
|Annual allowance *||£40,000|
|Annual allowance charge on excess||20%-45%|
|Lifetime allowance||£1.03 million|
|Lifetime allowance charge if excess drawn *||as cash 55% – if income 25%|
|Tapered annual allowance (applies to income over this amount) – amount including pension contributions||£150,000|
|Normal maximum tax-free lump sum||25%|
|Money purchase annual allowance||£4,000|
There may be an entitlement to a greater allowance if there are unused reliefs from the 3 earlier tax years. The relief may however be reduced to £4,000 if pension savings are accessed in the tax year.