MSE News: New loophole so you pay no income tax uncovered - but go quick

TomFTJ

Awesomely and stupendously. . . . . pathetic.

MSE apparently signing up to the bankers' bloodsucking club, or so it would seem !!!

Hidden commissions anyone ?

jem16

XRAT wrote: »

But thanks to the advice on this site, having earned £73.5K this year and paid it all into a pension (using past and present allowances) my £19K tax bill will all be refunded.., can't wait to self assess on 6th April.
The only downer was that if I'd earned £3K more I would have been able to take advantage of the full £190K allowance.

How would earning £76.5k allow you to get tax relief on £190k?

Carry Forward rules allow you to carry forward the annual allowances but they don't allow you to carry forward the tax relief.

dibbydoos

Thanks for the laugh - I'll drop my hours then!!!!

Spidernick

A good April Fool's joke is no excuse for bad grammar - it should be 'go quickly' or better still 'act quickly'!

mattyprice4004

TomFTJ wrote: »

Awesomely and stupendously. . . . . pathetic.

MSE apparently signing up to the bankers' bloodsucking club, or so it would seem !!!

Hidden commissions anyone ?

Well if you'd bothered to read the comments on this very page, or even heaven forbid read the article, you'll see it was an April Fools prank.

I bet you're incredible fun at parties.

purdyoaten

jem16 wrote: »

How would earning £76.5k allow you to get tax relief on £190k?

Carry Forward rules allow you to carry forward the annual allowances but they don't allow you to carry forward the tax relief.

Typo - one hopes? 90K?

jem16

purdyoaten wrote: »

Typo - one hopes? 90K?

It could be £90k but wouldn't really make any difference if it was. If earnings are £76.5k then that's the maximum tax relief available.

XRAT

Thanks Jem19,
Damnit.., should have read more carefully!

Purdyoaten,
£190K being the maximum pension contribution allowance available using roll-up for this and the previous three years.