- annual allowance
From 6 April 2006, the limit on the amount of contributions and/or increase in the pension benefit accrued over a year, permissible under the Finance Act 2004 without triggering tax penalties. The limit is set at £225,000 for the tax year commencing 6 April 2007 and will increase to £255,000 by the tax year commencing 6 April 2010. The amount of the annual allowance will be reviewed regularly thereafter.+The annual limit on the amount of pension contributions (or increase in accruals) permitted under the Finance Act 2004 without triggering tax penalties. The annual allowance is set at £255,000 for the 2010/11 tax year and it set to remain frozen at that level up to and including the 2015/16 tax year.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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