Pensions Tax Relief Tax Year End Quiz
Session: 13 January 2021
Each tax year end our technical team get asked a lot of questions about tax and pensions! This year our technical team hosted three tax year end themed quiz webinars. On this webinar, Mark Devlin, Senior Technical Manager covered the common things to think about when it comes to pension tax relief with a tax year end slant on things.
- High level understanding of the taxation system
- How tax relief works for the various contribution methods
- Understand Tax relief planning and how you can get higher rates of relief
Presenter – Mark Devlin – Senior Technical Manager
To claim your CPD certificate, test your knowledge with the questions below.
Write down your answers to each of the following questions and check your answers when you click through to claim your CPD certificate on the link below.
Test your knowledge
1. How much tax relief does a member earning £11,000 a year get on making a £1,000 contribution to their net pay workplace pension scheme?
2. How much can someone earning £200,000 a year personally put into a pension as a gross amount and obtain tax relief?
b. £40,000 (less anything their employer has put in)
3. What is the rate of tax relief for an individual with £110,000 of salary making a net £8,000 contribution to a relief at source scheme?
4. If a higher rate tax paying employer sacrifices their salary (all in IHT band), what is the extra saving they get compared to RAS?
5. How much tax relief is gained by someone with £49,500 of earnings, £500 of savings interest who has encashed an offshore bond for a £50,000 gain over ten years if they pay £4,000 net to a Relief at Source pension?
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