(c) Jessica – maximum pension contributions 2018/19 and 2019/20 The maximum gross contribution which Jessica can make attracting tax relief each tax year is the higher of (1) Jessica’s relevant earnings in the tax year; and (2) the basic amount of £3,600.
Jessica has no relevant earnings in the tax year 2018/19 as the Langley Partnership has made a loss in that year, and she has no other source of earned income. So the maximum contribution she can make in 2018/19 is £3,600.
In 2019/20, Jessica has relevant earnings of £82,000 (£205,000 x 40%) comprising her share of the partnership profit for the year ending 31 March 2020. Accordingly, she can make a contribution into the scheme of up to £82,000.
This exceeds the annual allowance available of £40,000, but as she was a member of a registered pension scheme in 2018/19 she can bring forward her unused allowance from that tax year of £36,400 (£40,000 – £3,600).
Therefore the total amount of annual allowance available is £76,400 (£40,000 + £36,400), so this is the maximum contribution which Jessica can pay without incurring an annual allowance charge. Tutorial note: No unused relief can be brought forward from years prior to 2018/19 as Jessica was not a member of a registered pension scheme until 1 May 2018.
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