The example below uses a January year end to highlight the two restrictions for 2022.
Restriction for the whole account’s year:
£1,000,000/12 months x 11 months + £200,000/12 months x 1 month = £933,334
However, for the period 1 January 2022 to 31 January 2022 there is an added restriction:
£200,000/12 months x 1 month (1 January 2022 to 31 January 2022 year-end) = £16,667
Below are the restrictions for all year end dates in 2022.
Year end: 31 January 2022
1 January 2022 to 31 January 2022: £16,667
1 February 2021 to 31 January 2022: £933,334
Year end: 28 February 2022
1 January 2022 to 28 February 2022: £33,333
1 March 2021 to 28 February 2022: £866,666
Year end: 31 March 2022
1 January 2022 to 31 March 2022: £50,000
1 April 2021 to 31 March 2022: £800,000
Year end: 30 April 2022
1 January 2022 to 30 April 2022: £66,667
1 May 2021 to 30 April 2022: £733,334
Year end: 31 May 2022
1 January 2022 to 31 May 2022: £83,333
1 June 2021 to 31 May 2022: £666,666
Year end: 30 June 2022
1 January 2022 to 30 June 2022: £100,000
1 July 2021 to 30 June 2022: £600,000
Year end: 31 July 2022
1 January 2022 to 31 July 2022: £116,667
1 August 2021 to 31 July 2022: £533,334
Year end: 31 August 2022
1 January 2022 to 31 August 2022: £133,333
1 September 2021 to 31 August 2022: £466,666
Year end: 30 September 2022
1 January 2022 to 30 September 2022: £150,000
1 October 2021 to 30 September 2022: £400,000
Year end: 31 October 2022
1 January 2022 to 31 October 2022: £167,777
1 November 2021 to 31 October 2022: £334,444
Year end: 30 November 2022
1 January 2022 to 30 November 2022: £183,333
1 December 2021 to 30 November 2022: £266,666
Year end: 31 December 2022
1 January 2022 to 31 December 2022 : £200,000