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Post Info TOPIC: Income tax implications - pensions
NA_AA


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Income tax implications - pensions
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What are the income tax implications for individuals who pay the higher rate tax and make a large pension contribution.

What rate is used?

and is there a restriction as to the amount that can be paid into the pension pot?



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Thanks, Nadia.
Shamus


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Are they a director? If so, what sort of pension is it?

There are all sorts of tax planning implications around this so really best this advice is left to expert in the field... Note that not all accountants, even chartered one's are experts in this field (even the one's who think that they understand it) and the same can be said of sime independant financial advisers.

Not an area that I would like to go anywhere near myself as it's a complete minefield but if you post more information such as whether they are an employee or a director and if they are a director the type of pension that it is and also whether they pay the money out of taxed income or straight from the business then I'm sure that someone will offer follow up info.


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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
NA_AA


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Further details:

- They are a Director and an employee of the company

- The Pension scheme is 'defined benefit pension'

- This individual pays a set amount into the pension scheme from their personal salary (which is deducted straight from the net pay monthly), and then the employer has also agreed to pay / match / pay double the employees contribution 



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