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Tax Facts - Pensions & Tax Credits

Registered Pension Schemes

Individual Contributions 2016-17 and 2015/16

Maximum tax-relievable contributions are the higher of:

100% of taxable UK earnings (max £40,000), or

£3,600 (gross)

Annual allowance

£40,000

The limit may be reduced to £10,000 once money purchase pensions are accessed. Any unused annual allowance can be carried forward for up to 3 years.

Tax Credit

Annual Amount 2016/17

Child tax credit	£
Family element	545
Child element (for each child)	2,780
Disabled child element	3,140
Severely disabled child element	1,275

Working tax credit	£
Basic element	1,960
Childcare element (up to 70% of costs)	Weekly
Maximum eligible cost (1 child)	175
Maximum eligible cost (2 or more)	300

Income thresholds	£
First income threshold	6,420
Eligible for child tax credit only	16,105
Income rise disregard	5,000
Incoem fall disregard	2,500

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