A self employed person, director or an employee who is not in an occupational pension scheme can claim an income tax deduction against earnings from self employment or non pensionable employment (subject to certain deductions) for their pension contributions.
The amount on which income tax relief can be claimed is dependent on the age of the contributor. The chart below gives details of the tax deductible amounts. Age | Earnings subject to maximum limits | Under 30 | 15% | 30-39 | 20% | 40-49 | 25% | 50 and over | 30% |
Specified sports persons can contribute 30% of earnings each year, irrespective of age.
If you require more information please consult your tax advisor or email us at tax@fixmytax.com. |
