2 min Read
10 Jul 2012

Written by Damien

Damien is one of the most widely quoted money and investment experts in the national press and has made numerous radio & TV appearances. He created MoneytotheMasses.com while working in the City when he became disillusioned with the way the public were left to fend for themselves because they could not afford financial advice.

More about Damien

Reader Q: Can I claim tax relief on pension contributions from previous tax years?

Get an answer to your financial question online

Reader Question:

How do I go about claiming higher rate tax relief on my private pension? I have 5 year's worth of contributions to seek relief on. Thanks.

 

My response:

When you contribute to a private pension, the provider claims basic rate tax relief (20%) on your behalf. As such higher rate tax payers have to reclaim the additional tax relief by completing a self assessment tax return. The deadline for completing a self assessment tax return is 31st January following the end of the tax year in which the contribution was made.

(Members of occupational money purchase schemes receive full tax relief on contributions via their payroll).

If you have not claimed higher rate tax relief for a previous tax year it is possible to make a claim - subject to certain time limits. But the time limit depends on whether you completed a tax return as shown below.

Unfortunately for you, you will be unable to backdate the claim 5 years. To make a claim for tax relief for previous tax years you should write to your tax office with the relevant details and account to pay the relief into.

Time limits for getting tax relief if you complete a tax return

Tax year Tax year ended on You must claim by:
2007-08 5 April 2008 5 April 2012
2008-09 5 April 2009 5 April 2013
2009-10 5 April 2010 5 April 2014
2010-11 5 April 2011 5 April 2015

Time limits for getting tax relief if you don't complete a tax return

Tax year Tax year ended on You must claim by:
2005-06 5 April 2006 31 January 2012
2006-07 5 April 2007 31 March 2012
2007-08 5 April 2008 5 April 2012
2008-09 5 April 2009 5 April 2013
2009-10 5 April 2010 5 April 2014
2010-11 5 April 2011 5 April 2015

 

I hope that helps

Damien

The material in any email, the Money to the Masses website, associated pages / channels / accounts and any other correspondence are for general information only and do not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation. See full Terms & Conditions and Privacy Policy.

 

Looking for a financial adviser near you?

Do you need financial advice? An independent financial adviser can show you how to make the most of your money.

Simply find your nearest qualified and regulated adviser using the UK’s largest adviser search.