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Annual Allowance Tax Year End Quiz Webinar

Check your answers

Test your knowledge

1. When considering tax year end annual allowance planning, which one of these is the odd one out? 

a. Pension input amounts

b. Relevant earnings 

c. Dividend income 

d. Carry forward 

2. Which one of these is most useful for a financial planner when trying to determine a client’s pension input amount history? 

a. Payslip

b. Unit Transaction History

c.  Retirement Benefit Statement

d. Pension Savings Statement 

3. Ryan is due a bonus in May of £50,000 on top of his £90,000 salary. He wants to use his bonus to make a pension contributions before he retires at the end of the year. His pension input amounts are as follows?

2020/21 - £40,000

2019/20 - £40,000

2018/19 - £40,000

2017/18 - £20,000

If Ryan waits until he receives his bonus, can he make the most of his unused annual allowance?

a.      Yes

b.      No

4. Gary has been a member of a pension scheme for ten years, but no contributions have been paid since 2015. His salary for this tax year will be £28,000. It’s normally higher, but there’s been no overtime  due to Covid – 19. His unused annual allowance for the 3 is as follow: 

2017/18 - £31,000

2018/19 - £29,000

2019/20 - £32,000

How much can Gary carry forward from the last three years to support a personal contribution?

a.      £160,000

b.      £0

c.       £120,000

d.      £92,000

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"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.