Business' tax year planning – a reminder on carry forward

As we near the end of another tax year, providers and trustees typically tend to see a spike in pension contributions. This is to be expected, as clients look to maximise their tax relief and businesses look to reduce corporation tax outlay. For some, the spike may be due to annual bonus season, and sacrificing bonus money awarded into a pension to benefit from tax relief. The current annual allowance for money purchase schemes is £60,000, which is the limit on the amount that can be contributed while benefitting from tax relief. However, clients can use unused contribution allowances...