{"id":19932,"date":"2020-02-06T17:17:40","date_gmt":"2020-02-06T17:17:40","guid":{"rendered":"https:\/\/smh.group\/?p=19932"},"modified":"2023-02-15T13:49:43","modified_gmt":"2023-02-15T13:49:43","slug":"last-call-for-2016-17-on-your-annual-allowance","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/last-call-for-2016-17-on-your-annual-allowance\/","title":{"rendered":"Last call for 2016\/17 on your annual allowance\u2026"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>The clock is\nticking on using up your pension annual allowance <\/strong><\/h3>\n\n\n\n<p>The allowance effectively sets the maximum pension contributions from <em>all\n<\/em>sources (including your employer) on which you may be able to claim income\ntax relief. In recent times it has been the subject of much controversy because\nof the way the allowance is tapered from the \u2018standard\u2019 \u00a340,000 to as little as\n\u00a310,000 for high earners. <\/p>\n\n\n\n<p>One reason why the taper rules have come to the fore is another aspect\nof the annual allowance which has received far less press coverage: the carry\nforward rules. These allow you to mop up unused annual allowance from up to\nthree tax years ago \u2013 i.e. from 2016\/17 onwards during the 2019\/20 tax year. In\ntheory this could mean that, before 6 April 2020, tax-relievable pension\ncontributions of up to \u00a3160,000 could be made (\u00a340,000 a year for 2016\/17 \u2013\n2019\/20 inclusive). <\/p>\n\n\n\n<p>As you might expect, there is some complex legislation setting out how\ncarry forward operates. For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You must have been a member of a registered pension scheme in the tax\nyear from which any unused\nannual allowance is carried forward. However, you (or your employer) do not have\nto have paid any contributions or accrued any benefit during those years, nor\ndo any carried forward contributions have to be made to that scheme. <\/li><li>You must have covered\nan effective \u2018entry fee\u2019 of contributions equalling your annual allowance for\nthe current year, i.e. \u00a340,000, if you are not caught by the taper regime.<\/li><li>The carry back goes to\nthe oldest tax year first and then works forward.<\/li><li>All tax relief is\ngiven in the <em>current<\/em> tax year, not the year to which the unused\nallowance relates.<\/li><li>Carry forward is not\navailable if, at any time, you have taken advantage of the 2015 pension\nflexibilities to draw from any pension arrangement.<\/li><\/ul>\n\n\n\n<p>Calculating how much can be carried forward is sometimes a difficult exercise, requiring detailed contribution records, so if you want to beat the deadline for using up your remaining allowance from 2016\/17, start seeking advice now. <\/p>\n\n\n\n<p>Our <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\">Financial Planning<\/a><\/span><\/strong> team are here to talk you through your options, contact us on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong> to discuss your requirements with us in more detail.<\/p>\n\n\n\n<h6 class=\"wp-block-heading\"><em>The value of tax reliefs depends on your individual circumstances. Tax\nlaws can change. The Financial Conduct Authority does not regulate tax advice. The\nvalue of your investment can go down as well as up and you may not get back the\nfull amount you invested. Past performance is not a reliable indicator of\nfuture performance. <\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The clock is ticking on using up your pension annual allowance <\/p>\n","protected":false},"author":4,"featured_media":16898,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[350,77,245,466,24,467,19,14],"class_list":["post-19932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-annual-allowance","tag-financial-planning","tag-pension-contributions","tag-pension-scheme","tag-pensions","tag-tac-relief","tag-tax","tag-tax-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Last call for 2016\/17 on your annual allowance\u2026 - SMH Group<\/title>\n<meta name=\"description\" content=\"The clock is ticking on using up your pension annual allowance\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Last call for 2016\/17 on your annual allowance\u2026 - 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