CM highlights last chance for RAC carry back

Although A-Day removed the carry back rules last year, Clerical Medical says any pension contribution paid into a RAC by the 5 April 2006 can still be carried back to the 2004/2005 tax year for tax relief purposes providing HM Revenue & Customs receives the relevant documents by the 31 January. Under the carry back rules clients are allowed to receive tax relief sooner, or to contribute in the current year but choose to have the payment to be treated, for tax purposes, as if it had been made in the preceding tax year. This means if a client was a higher rate tax payer in 2004/05, but on...