Pension and ISA tax allowances
Pension Allowances
| Tax Year: | 2023/2024 | 2022/2023 |
|---|---|---|
| Standard Annual Allowance: | £60,000 | £40,000 |
| Money Purchase Annual Allowance: | £10,000 | £4,000 |
| Tapered Annual Allowance: | Tapered annual allowance applies to those with ‘adjusted income’ of more than £260,000 and ‘threshold income’ of more than £200,000 | Tapered annual allowance applies to those with ‘adjusted income’ of more than £240,000 and ‘threshold income’ of more than £200,000 |
| Tax-Free Cash: | £268,275
|
£268,275
|
Glossary
ISA Allowances
| Tax Year | 2023/2024 | 2022/2023 |
|---|---|---|
| ISA Allowance | £20,000 | £20,000 |
| Junior ISA Allowance | £9,000 | £9,000 |
| Child age 16 – can open an adult cash ISA and contribute £20,000 and take advantage of both adult and junior allowances | £29,000 | £29,000 |
| Lifetime ISA Allowance | £4,000 | £4,000 |
Glossary
Capital Gains Tax
| Tax Year | 2023/2024 | 2022/2023 |
|---|---|---|
| Individual Capital Gains Tax Allowance | £6,000 | £12,300 |