Skip to main content

This is a new service – your feedback will help us to improve it.

  • Defined benefit scheme- Calculation of pension input for a careers average scheme

    Hi there, I am wanting to calculate the pension input for the purpose of checking whether an individuals threshold income/adjusted income exceeds the limits of £200k/260k and subsequently check whether or not they have exceeded their annual allowance amount during the 2023-2024 tax year. The individual contributes into a work place pension via net pay arrangement. The scheme is a defined benefit scheme which is a 'careers average' scheme ( not a final salary scheme). Please can you provide guidance on how I can calculate the pension input for a career average scheme. I understand with the final salary scheme I would need to use their final salary for the beginning of the year and the end of the year when working out the opening and closing value to establish the increase in value of the individuals rights during the tax year. How would it work for a career average scheme please? Many thanks for your help in advance
  • Trading in precious metals

    Hi, I have a question in relation to trading in precious metals on the market. If I trade in gold (buying and selling gold) am I correct in thinking that the gain will be subject to capital gains tax if above the annual exemption amount rather than income tax. I assume that income tax would only apply if the buying and selling of precious metals was something I was doing as a trade? Please can anyone elaborate? Many thanks