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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4717
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I want to put money into a pension SIP. My last one I closed.

Customer Question

I want to put money into a pension SIP. My last one I closed. If I open a SIP can I put money into pension from last year as well as this year. My accounts tax year is Sept to August.
I put nothing in last year.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

The rules for carry forward of unused annual allowance from the previous 3 years to the current year are as follows:

The allowance for tax years 2011/12, 2012/13 and 2013/14 was £50,000. You must have been a member of a UK pension scheme in those earlier years to be able to use carry forward. If during those previous 3 years you have not paid in more than £50,000 then you may have unused allowance that you can use in the current and future years.

Steps you have to take
- You must pay in at least £40,000 in 2014/15
- go back to 2011/12 tax year and chack what was paid.. if less than £50,000 you have an unused allowance you can carry forward and use in tax year 2014/15.
- repeat this for 2012/13
- repeat this for 2013/14.

Overriding factor ..you can't pay in more than 100% of your earnings in the current tax year.

More information on carry forward rules can be found on page 5 here

http://www.standardlife.co.uk/content/pdf/slac/gen658.pdf?show=true

I hope this is helpful and answers your question.

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