Submitted on Wednesday 30th March 2016
Published on Friday 1st April 2016
Current status: Closed
Closed: Saturday 1st October 2016
Signatures: 27
Tagged with
HMRC ~ Individuals ~ Tax
Re-introduce so called 'carry back' of pension contributions (one tax-year only)
The ability for individuals to make a pension contribution and 'carry back' the contribution for one tax-year, will make it easier for individuals to avoid making excess pension contributions and suffering avoidable tax charges, under the new Tapered Annual Allowance. It will reduce HMRC costs too.
Individuals potentially affected by the new Tapered Allowance will find it very difficult to judge whether they are affected and, if so, to what extent, until the latter part of the coming 2016-17 tax-year, making it difficult for these individuals and their professional advisers (accountants and financial planners) to decide what level of pension contribute they can make/receive without suffering a personal tax charge, until say March 2017. Re-introducing carry back will alleviate this problem.
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