Last chance to benefit from carrying forward

Professional Adviser
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This week sees the end of the carry forward unused relief scheme. All is not lost however, for those pension holders who fail to take advantage of it before the 31 January deadline

The new rules for carrying back personal pension contributions into the previous tax year for relief changed from 6 April 2001. At the same time, carry forward of unused relief was abolished and replaced by the new basis year concept. However, there is currently a very short-lived opportunity to use both regimes to advantage if you act by 31 January. The new carry back rules mean that you can make a personal pension contribution before Thursday and elect for it to be carried back to tax year 2000/1. You will then be in a tax year that is in the old carry forward regime and can therefo...

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