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ARTICLE · 09 JANUARY 2007

Financial & Tax Planning - A Briefing On Topical Issues, Winter 2006/07

Smith & Williamson
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Season’s greetings. In this issue, we provide some food for festive financial thought, as well as some planning ideas and good cheer to help you bring your financial resolutions to fruition. We wish you a prosperous New Year.

United KingdomStrategy

Season’s greetings. In this issue, we provide some food for festive financial thought, as well as some planning ideas and good cheer to help you bring your financial resolutions to fruition. We wish you a prosperous New Year.

DOUBLE YOUR MONEY
Utilising your annual allowance twice in one year

Although individuals can now get tax relief on pension contributions of up to 100% of their earnings in any tax year, if they exceed their annual allowance they will be liable to 40% tax.

As a result, high earners are effectively capped by this allowance – £215,000 gross in 2006/07, rising by £10,000 per year to £255,000 gross in 2010/11. Future increases will be at the discretion of the Treasury.

This all looks quite straightforward, but closer scrutiny reveals that it is possible to double up on the annual allowance with careful planning. This is because the annual allowance test is undertaken with reference to ‘pension input periods’ (PIPs) ending at any point in the tax year. By

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