Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what the maximum amount is that a higher-rate taxpayer could save in the current financial year only utilising maximum tax reliefs in (a) a personal pension and (b) an ISA.

Income tax relief is available on individual contributions to registered pension schemes. Contributions are subject to a tax charge on any pension savings in excess of an annual allowance (plus any unused allowance from the previous three years). The annual allowance for the present tax year (2015-16) is £40,000. Contributions may also be subject to the lifetime annual allowance. The lifetime annual allowance for the present tax year (2015-16) is £1,250,000.

Individuals can save up to £15,240 in an ISA (Individual Savings Account) in the 2015-16 tax year. The amount of tax relief that a higher rate taxpayer can receive will depend on the overall returns from the cash and other ISA-eligible assets they hold.