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AVC's and Income tax
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Boltonlass
Posts: 47 Forumite
My Husband is 55 yrs old and would like to retire in 2 years time.
We are about to pay off our mortgage with a lump sum that I have recently received due to ill health retirement.
We will consequently have £400 spare each month to put into savings.
My husband pays 40% income tax, with a salary of £42,000.
If he chooses to put the £400 into in house AVC's, paying direct from his salary, would this reduce his income tax to 22%?
We are about to pay off our mortgage with a lump sum that I have recently received due to ill health retirement.
We will consequently have £400 spare each month to put into savings.
My husband pays 40% income tax, with a salary of £42,000.
If he chooses to put the £400 into in house AVC's, paying direct from his salary, would this reduce his income tax to 22%?
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