The cost of tax relief and National Insurance relief to the UK government as a consequence of pension planning contributions during the last tax year was £48 billion. Two-thirds of the relief goes to the benefit of higher rate and additional rate taxpayers, and with the introduction on April 6th 2016 of the ‘tapered annual allowance’, reducing the capacity of higher earners to reduce their tax bill via pension contributions, it is as important as ever to try to ‘carry forward’ unused allowances from prior tax years.
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