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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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