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F6-chapter 5
Chapter 5
Pensions
Personal pension schemes (PPS)
Anyone can contribute to a personal pension scheme,
even if they do not have earnings.
Method of giving relief
1. All personal pension contributions are made net of
basic rate tax of 20%
2. Higher-rate taxpayers obtain the additional tax relief
by having their basic-rate tax band extended by the
gross amount of PPC.
Personal Pensions for Self-employed
Different situations
? An individual can contribute any amount into a personal
pension scheme, regardless of earnings. Tax relief, however,
is only available on gross contributions up to the amount of
earnings for the relevant tax year.
? Earnings here refer to trading profit, employment income
and Income from furnished holiday lettings.
? Where a person does not have any earnings for a particular
tax year, tax relief is available on gross contributions of up to
?3,600.
Personal Pensions for Self-employed
E.g. 某个体户2014/15 Trading Profit = £5,000, 如果他想交
£7,000 Gross Personal Pension Contribution, 他自掏腰包实
际交多少?
E.g. 假定某个失业人员(does not have any earnings)想交
£5,000 Gross Personal Pension Contribution, 求:
1)他自掏腰包实际交多少?
2)他的Basic Rate Band 延长多少?
Example 1
John earned £132,500 in 2014/15. He made a net personal
pension contribution of £20,000.
Required
Calculate Johns income tax liability for 2014/15.
Earnings 132,500
Less: PA (W1) (6,250)
Taxable income 126,250
Extend BR HR bands by gross pension contribution
BR band 31,865 + 25,000 = 56,865
HR band 150,000 + 25,000 = 175,000
Income tax:
56,865 x 20% 11,373
69,385 x 40% 27,754
126,250
Income tax liability 39,127
(W1)
£
Net income 132,500
Less: pension contribution 20,000 x100/80 (25,000)
Adjusted net income 107,500
Less: limit (100,000)
Restriction 7,500
Personal allowance 10,000
Less: ? x 7,500 (3,750)
6,250
Occupational pension schemes
? Employers set up OPS for their employees and contribute to OPS.
? Employee may also self contribute
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