1) Short thread on Threshold Income errors I've seen & raised at last night's webinar for @CwmTafMorgannwg
Some have incorrectly added salary sacrifice arrangements to their taxable income to assess Annual Allowance Taper causing a potential overpayment of £,000s in tax
2) Annual Allowance Taper applies only if:
Threshold Income is more than £200k (previously £110k - 2016/17 to 2019/20), AND
Adjusted Income is more than £240k (previously £150k)
3) Annual Allowance Taper can reduce your annual allowance down to £4,000 (previously £10k)
The Annual Allowance Taper rules are set out in the Pension Tax Manual PTM057100, which can be found here:
2/ Individual Protection 16 (IP16) is a form of lifetime allowance (LTA) protection that was introduced when the LTA was reduced to £1m from 06/04/2016
You are able to protect your pension savings up to £1.25m, depending on the value at the time