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Chapter 05 - Pension - Coggle Diagram
Chapter 05 - Pension
Pension scheme
Maximum tax relievable contribution is the higher of: 3,600
Individual's relevant earnings chargeable to income tax
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Adjusted basic rate limit = 37,500 + gross cash contribution
Adjusted higher rate limit =150,000+gross cash contribution
Gross pension contribution is also deducted to arrive at Adjusted Net Income to calculate tapered P.A. relief
Annual allowance
For tax year 19/20: 40,000
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Lifetime allowance
After age 55, individual can start to receive pension benefits
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Lifetime allowance
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Lifetime allowance = 1,055,000
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