Re: My experience says different
>dont cash in more than 5K per yeah and its tax free.
+ 1K from your employer
+11K from you tax allowance.
If you run an ESOP and/or (HRMC approved) profit share scheme further amounts can be had tax free... However, much depends on whether the expense is worth it; this is the primary reason why the government achieved higher tax receipts when they lowered the upper income tax rate from 50% to 45%.