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Preston-based financial services group, Taylor Patterson, is reminding people to make the most of their unused pensions contributions before April 2012.
Under new guidelines announced in November, it is now possible for individuals to contribute up to £200,000 into their pension funds before the forthcoming tax year end.
HMRC has changed its interpretation of how carry forward rules apply to previous tax years, meaning that any payments above £50,000 in the previous three years now count as zero – rather than a negative total. This means that any overpayments from the past three years have not been deducted from unused annual allowances, allowing extra contributions to be made before April.
Kerry Houghton, associate director at Taylor Patterson, commented: “This new ruling creates a significant opportunity for high net worth individuals to boost their pensions before the fixed protection deadline comes into force in April 2012.
“Anyone who thinks they may qualify for carry forward should get advice from their financial adviser, who will be able to recommend the best course of action to get the most from your pension fund.”
For more information on carry forward and how it affects you contact Kerry on 01772 555073.