Pension, PIP, check my workings?
My question is how much pension contribution can this client make prior to 5 April 2012?
During the current tax year we have made a contribution of £60k. We wish to determine how much headroom there is for additional payments.
The guidance is saying that if I have exceeded the £50k in the tax year (which I have) then I need to consider the previous three tax years (or face a tax charge). Fair enough.
But, I need to then consider the amount of the contributions in the pension input period (PIP) which ended in the previous three tax year. If I follow that through then I would need to ignore the £41,000 which was paid in the PIP ended in 11/12.
The PIP for this scheme is 6 April.
This doesn't seem right!
|TAX YEAR||PIP 6 APRIL||TOTAL||ANN. ALL||TO C/F||TO C/F. CUMM|
|08/09||7/4/07 - 6/4/08||18,000||50,000||32,000|
|09/10||7/4/08 - 6/4/09||19,000||50,000||31,000||63,000|
|10/11||7/4/09 - 6/4/10||20,000||50,000||30,000||93,000|
|11/12||7/4/10 - 6/4/11||41,000||50,000||9,000||70,000|
|12/13||7/4/11 - 6/4/12||60,000||50,000||-10,000|