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Take advantage of this years £50k pension contribution

Take advantage of this years £50k pension contribution

*Please note the information in this article may be out of date

Next year there will be a £10,000 drop in the tax free amount you can contribute annually to your pension. For this year it is £50,000. 2014/15 it will be £40,00.

Budgeting now in order to use up your £50,000 limit for the present tax year, will help reduce your tax bill next April. You should also check that you have used up your maximum pension contribution allowance from previous years. If not you can budget to put more than the £50,000 into your pension this year tax free, by carrying forward any unused allowances.

 

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