Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Personal allowance definition

What does Personal allowance mean? In UK income tax practice, the personal allowance is the portion of an individual’s yearly income that is free of Income Tax. It is legislated in the Income Tax Act 2007 and set each year by the Finance Act. The allowance applies across the UK (England and Wales, Scotland and Northern Ireland); Scottish rates and bands do not alter its availability or amount. It is tapered by £1 for every £2 of adjusted net income above £100,000, until extinguished. Spouses and civil partners can elect to transfer 10% of the standard allowance (the Marriage Allowance) where the recipient is not...

UK registered pension contributions: income tax, NICs and corporation tax relief and charges for members and employers, including in specie issues, termination payments, annual allowance and lifetime allowance reforms

Published by a LexisNexis Pensions expert

Practice notes

This Practice Note concentrates on the range of tax reliefs (income tax relief, national insurance contribution relief and corporate tax relief) available for member and employer payments into registered pension schemes. It further outlines how a member may obtain income tax relief for their own contributions, and explains the tax position of employer contributions paid on termination of the member’s employment. For broader guidance on pension taxation, see Practice Note: Tax treatment of pensions—an introduction.

Member contributions to registered pension schemes

Section 188 income tax relief

A key benefit of registered pension schemes is the availability of income tax relief for members on contributions they, or a third party on their behalf, pay into the scheme. That relief, set out in section 188 of the Finance Act 2004 (FA 2004), has the following features:

conditions...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 22/05/2026

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