G
germ
Guest
Hi
I am a PAYE worker but have rental income from a 2nd property. I have just started a personal pension and as well as regular monthly contributions from my monthly salary the pension provider says i can put in lump sums if and when i have any.
As i am 41 and on a relatively high salary i am allowed put in up to 25% of salary to my pension with full tax relief.
So my question is:
If i put in 5% of my monthly salary towards my pension, can i then put in up to 20% more of my joint income (salary plus rental income) in a lump sum payment and be allowed full relief..?
Or to put it another way.....Is it 25% of my income or 25% of my salary that i can get full tax relief for..?
thanks in advance for any advice
I am a PAYE worker but have rental income from a 2nd property. I have just started a personal pension and as well as regular monthly contributions from my monthly salary the pension provider says i can put in lump sums if and when i have any.
As i am 41 and on a relatively high salary i am allowed put in up to 25% of salary to my pension with full tax relief.
So my question is:
If i put in 5% of my monthly salary towards my pension, can i then put in up to 20% more of my joint income (salary plus rental income) in a lump sum payment and be allowed full relief..?
Or to put it another way.....Is it 25% of my income or 25% of my salary that i can get full tax relief for..?
thanks in advance for any advice