Carry on carry back urges L&G

With the deadline for carry back on contributions paid in the period 6 April 2003 to 31 January 2004 fast approaching, L&G says this rule will be particularly important to those who were higher rate tax payers last fiscal year but lower rate this year, and those using self-assessment. People on lower rates of tax in the current year can carry back contributions to obtain relief at the higher rate applied in the previous year. Self-assessment coupled with carry back means individuals can deduct relief directly off their tax bill, which could be up to 40%, L&G says.IFAonline