How does the 2021 budget affect the tapered annual allowance?
The tapered annual allowance was introduced in April 2016 and reduces the annual allowance available to high earners.
The minimum amount which the annual allowance can be reduced to will remain unchanged at £4,000 for tax year 2022/23.
Farrell Financial Planning provide independent advice on pension planning.
It is important to take independent financial advice before making any financial decisions.
All information is based on Farrell Financial Planning’s understanding of UK law & HMRC practice in the UK. Tax and legislation are subject to change.
All information is correct as at 27/10/21.
A pension is a long-term investment. The fund value can fluctuate and go down. All information is based on Farrell Financial Planning’s understanding of UK law & HMRC practice in the UK. Tax and legislation are subject to change.