Budget 2012 – Annual Tax Rates and Allowances

Registered Pension Schemes - Budget 210 - GT

Pension Schemes

Tax Year Annual allowance1 Lifetime allowance
2011/2012 £255,00012 £1,800,000
2012/2013 £50,000 £1,800,0003
  • Income tax relief is given on the lower of 100% of annual earnings§ 4 or the annual allowance. Anti-forestalling provisions apply up to 5 April 2011.

1 Total of personal and employer contributions.
2 Carry forward facility available where annual contributions in previous three tax years were less than £50,000, subject to conditions.
3 If no earnings, £3,600 a year and for relief at source arrangements only.

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