Hello wise ones,
I hope I can get my question across properly...
I work part time and earn currently under the 40% tax threshold (this likely won't change for another 5 years). Work doesn't contribute to pension scheme but I have the option to join one and get it deducted from salary. Also have a pension from my previous work.
Partner earns significantly over the 40% threshold and has maxed out pension contributions to age limit already.
We are comfortable enough to theoretically be able to contribute the max allowable pension for both.
So far I didnt think it made much sense as i was only hitting the 20% tax.
Married and jointly assessed. I'm late 30s partner mid 40s.
If I paid AVCs at the end of the year from our savings, can we claim it jointly assessed and would we get the 40% tax benefit or is it only assessed on my income?
Thank you!
I hope I can get my question across properly...
I work part time and earn currently under the 40% tax threshold (this likely won't change for another 5 years). Work doesn't contribute to pension scheme but I have the option to join one and get it deducted from salary. Also have a pension from my previous work.
Partner earns significantly over the 40% threshold and has maxed out pension contributions to age limit already.
We are comfortable enough to theoretically be able to contribute the max allowable pension for both.
So far I didnt think it made much sense as i was only hitting the 20% tax.
Married and jointly assessed. I'm late 30s partner mid 40s.
If I paid AVCs at the end of the year from our savings, can we claim it jointly assessed and would we get the 40% tax benefit or is it only assessed on my income?
Thank you!