The tax year and your pension contributions
As you will be aware the 2015-16 tax year will end on the 30th June.
If you have not taken the maximum advantage of the tax relief available on your personal pension contributions and you wish to do so you will need to make your additional contribution before then.
If you pay tax under the Allowance Based System you can qualify for tax relief at your upper marginal rate on personal contributions up to 20% of your earnings.
If you pay tax under the Gross Income basis you can qualify for tax relief at your upper marginal rate on personal contributions of up to £1,500, p.a.
If you would like advice on this issue or would like to make a lump sum pension contribution to make sure use of available tax relief then please contact us without delay.