Annual allowance, who’s afraid of the big bad tax charge?
Join Fiona and Justin as they dig deeper into some of the technical aspects of the annual allowance (AA), including how it interacts with tax relief, carry forward, the taper and the MPAA.
You’ll also hear about the options for paying any annual allowance tax charge and how staying in a scheme and paying the charge is considered, versus opting out of the scheme.
*The Spring Budget in March 2023 made changes which are not covered in this presentation. From 6 April 2023, the standard annual allowance increased from £40,000 to £60,000 and the taper will apply if both adjusted income is greater than £260,000 and threshold income greater than £200,000. The minimum annual allowance for someone affected by the taper is now £10,000.
CPD learning outcomes - 60 minutes
- How the annual, money purchase, and tapered allowances work
- How to calculate whether an opt-out is suitable
- How scheme pays operates
- Other factors impacting suitability.
- A refresher of the annual, money purchase and taper allowance
- Scheme pays in detail
- The calculation process
- Case studies and planning points.
CPD certificate of completion
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