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Pension contributions and Tax relief


Considerations of recycling

What is considered recycling? What about the consequences of recycling? This article will look at what recycling is, what can happen if recycling takes place and how to avoid recycling.
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Removal of personal allowance

From the beginning of the 2010/11 tax year individuals with ‘net adjusted income’ in excess of £100,000 had their personal allowance reduced.
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Self Assessment – Pension Contributions

Higher rate relief on personal pension contributions is generally given through Self Assessment. Here are some key dates for Self Assessment and the effect of pension contributions on payments on account and balancing payments.
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Personal pension higher rate relief

Higher rate tax relief is given by increasing the basic rate and higher rate band by the amount of gross contribution paid into a personal pension. The effect of this is that the investor will get higher rate relief by paying basic rate tax on income that they would have otherwise paid higher rate tax on.
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Pension salary/bonus sacrifice

Salary sacrifice allows an employee to give up an amount of their salary and replace it with an employer’s pension contribution creating a larger pension contribution than they would have paid themselves for the same or lower net cost.
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Employer contributions

This article covers the impact that employer contributions will have in relation to the pension changes introduced from 6 April 2011.
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Pension contributions

Ordinarily it is clear whether a contribution is being made by an individual, third party or employer. However, sometimes identifying individual or business contributions is difficult.

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