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Pensions

The document outlines various aspects of pensions, including income calculations, tax implications, and contributions related to occupational pensions. It discusses net income, gross income, and the impact of additional contributions on tax relief. Additionally, it touches on the lifetime allowance for pension withdrawals and the conditions for tax-free lump sums.

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fahadp0909
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0% found this document useful (0 votes)
12 views50 pages

Pensions

The document outlines various aspects of pensions, including income calculations, tax implications, and contributions related to occupational pensions. It discusses net income, gross income, and the impact of additional contributions on tax relief. Additionally, it touches on the lifetime allowance for pension withdrawals and the conditions for tax-free lump sums.

Uploaded by

fahadp0909
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Pensions

-**
Income
Emp
.

&.

Sal a
Ex Cont
ry -

in
-80, 000 .

57430
10, 000
. (37700)
Occ
pension -
-
37I700 87440 1

--
For Contin
occpension00 o! 7700 125140

of Ee

E To L !
Reg :

Em
.

Inco
=
S-
37700 %x 20 : 7540

↑ danyE
9 0 000
, . 19730x40% = 7892
-
-
-
-

Less Ee Cot 18432


Conta 000 in
(10 1 o ..

- 3 .

Occ
,

Eny c income
I 7,000: &

112570C
PoA-- & .

Tax. Gome
I .
57430
Income
Salary.Conten
O --95000 .
Net e... 80 , 00
I
Ee 15000 .
Less
gross
..
=

G AD
12000
x100 =
(5000
Contino
-I

Er
.
.

1200 000
.

ANI T5000.
Benef
.
child
...

--
-

G AD .
. = E12000 (Net) 37700 125
, 140

15000 .
....
5000
+ 1
Reg
--
-02 =? WIS :

52700 140140 .

-
000
0
950 8 7 440
Sal a ry To
...
&
52 700
Er-Cout
--

140 14
Ee Contin Occ . (5000) ,

pen
home
-

80 , 000
S 52700 X 20/ 10540
Emp
-
I
&

1 4730X40% 5892
..........
. ... -

PA - - -

1570) 2008
Add Child Benefit zo
Y :

Tax I 6743O
nome ~.-
t I L
# 432 /
. .

(52700b
.

S
[4730
Div . Received :
20
,
000 .
Net Income
. 108000
And . Int
paid = 7000 .

Less
gross
GA D 100x100 = (5000)
.
=

Bo
4000 Wet)
GA D
paid = .

P.P 2 =
Less
24000 /30 00
. . .

gross
x 100
.

2400/Net) ,

PP< .
.

paid = .

ANT
- - -
-

Reg 1 T L :. E3000
. . .

.
.
: .

-S Int Div 125f140


37700 ↑

Tradi n g
+ 5OOO
.


~

80, 000 t 5000


+ 30 000
000
15000 30 ,
,
-

Int #& 40..


20 , 000 72700 - -

Dix .
-

/
Ins 00 +50020
, 000
Total 000

(000/5000/20
.

,
.

0
Intpail
.

, 0
-com
Not1 ,
H RT P
.
. .
. .

PA
Taxi.
sto. . To20 000
,
O I
&
30

C 500 3
----
(1000 -
--
-

---
Toeaty
k
Income RE > 3600 > TRC
-

=0
20 , 000
-

·
=

Interest Received s
t
30, 000 .

NetIncome 50, 000


.
PPC 10 000
.
gross-
.
=

, Less PP

Regi toTol ? gross


ANF :

oo
os
--
- -

37700

Property
Int
f 3600
--
-
-

4/300
M

Total
.

20 000 & 30 , 000


;
.

,
4) 300
-

PA (12570) BRTP -

Fisc
(7430)
N

O
---

37430
TaxIn 7430 , 000
30 .
NRB (1000]
-

&
-
E
=
E
~

[
........

⑳ ---- -m

-
-
... ---

......
-
---

(ANI)
-

10 , 000 . w
- -

. . . .
.
-
E
-
-

- m

↑NetIncome
&
.
1 20, 000 ·

Tess gross
-

, gross
G A D =1000 X100
. .

Bo
- (5000).
~
Salary cont : 1450
= -RL---
& ( Less PPC .
--

44,000 x100 (55000


Ee Cont in (200
Occpen ~
To
-
↓ .N I . ---

Income
A


Emp e..
120 000. --
,
A9 .

~
dess P F Net Income 120, 000
SEO
·
...
.
-

Tax Income
.

& Ee "Contin Ocepar 25000


.

so
t
15000
Er Cont in Occupa .

E >
-
28000 (Net)
PPC
paid Earl
.

I
-

unused A A 30 , 000
- -

zu 21 :

Reg : (c) Duke Can do Additional


gross P P-
.

21/22
- n n u

& 5000 without


22/
g Addition
in
23 incurring any
24 23 -
u z u
- -
,

* Charge :

20/21 A Amused
- o Reg
= Although Earl Has 90,000
b/f From Fiscal
21/22- no
A A
previous years
.

But still can't


22/
.3
2 -
n · He
utilize any ,
AA

Because this
then
Trading
P PE 40 000
Income is

So
less
He
gross Extrag Tax
.
·
,

Regi(b) Rel i e f By
wont
A.A is the Maximum
get anyHis Apc contribution
increasing
I

Relief Fr
.

dividual
.

Pension
of
.

Amount
-

,
can
get ,
in .

If
then
your
total
need to
printed Rel i e
Return the tax
f
is than A.A ,
grea
er
you
Excess Amount Non-Saig
Relief
as a
Tax
, By calculating on
ecome .
EXTRACTION C
A 55yrs) -

-M
-

-
Income Extraction CAPITAL Extraction
-

Simple non-
Saving
Ncome
L
> life time Allowance
-

E 1073 100
.

the Total Amount is less than or


If to life
Equal
5
time Allowa

25%Can with draw


75% in the Form
Lump sum (Taxi Frees
-
of Annuities (Tax Free)
Total Amount
.

1600, 000
life time Allow , 100)
73

Excess 526 900


,

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