Tax Facts 2008/9
Pension premiums and ISA's
| PENSION PREMIUMS |
|---|
| 2008/09 and 2007/08 |
Tax relief available for personal contributions: higher of £3,600 (gross) or 100% of relevant earnings. |
Employers will obtain tax relief on employer contributions if they are paid and made 'wholly and exclusively'. Tax relief for large contributions may be spread over several years. |
Any contributions in excess of £235,000 (£225,000), whether personal or by the employer, may be subject to income tax on the individual at 40% |
No carry back of pension contributions |
| INDIVIDUAL SAVINGS ACCOUNTS (ISA's) | ||
|---|---|---|
| 2008/09 | £ | |
| Overall investment limit | 7,200 | |
| Comprising | Cash up to | 3,600 |
| " | balance in stocks and shares | 7,200 |
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Disclaimer
The information in this tax card is based upon the 2008 Budget and other earlier announcements and may be subject to amendment by the Finance Act.