Tax Facts 2009/10
Pension premiums and ISA's
| PENSION PREMIUMS |
|---|
| 2009/10 and 2008/09 |
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 £245,000 (£235,000), whether personal or by the employer, will be subject to income tax on the individual at 40%. |
No carry back of pension contributions |
| INDIVIDUAL SAVINGS ACCOUNTS (ISA's) | ||
|---|---|---|
| 2009/10 | £ | |
| Overall investment limit | 7,200 (10,200*) | |
| Comprising | Cash up to | 3,600 (5,100*) max |
| " | balance in stocks and shares | 7,200 (10,200*) max |
* From 6th October 2009 for those aged 50 and over. |
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Disclaimer
The information in this tax card is based upon the 2009 Budget and other earlier announcements and may be subject to amendment by the Finance Act.