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Understanding carry forward
Comments
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Hardly the great and the good on this site dont seem to know the answer [or understand the questions] to my or the thread starters questions.
Yes they do and the questions have already be answered in the thread, even before you put your questions.
But to answer you specifically, from your original question -I would also like to know if I can just put a lump sum into my pension [which would be more than I earn in a year, because of the 3 year carry forward rule]
You can't put in more than you earn in a year and get Tax relief.
Carry forward can only be used once you have used up all your current allowance which is a max of 40k so unless you earn more than 40k in the year, you can't use carry forward.0 -
Dazed_and_confused wrote: »Part of the difficulties with some of the threads on here is that the information needed to answer the question is missing.
Often it's because the person asking simply doesn't realise additional information is relevant or how complicated things can be.
It's not unusual for crucial nuggets to be disclosed after a number of posts which completely alter the context of the original question.0 -
Yes they do and the questions have already be answered in the thread, even before you put your questions.
But to answer you specifically, from your original question -
You can't put in more than you earn in a year and get Tax relief.
Carry forward can only be used once you have used up all your current allowance which is a max of 40k so unless you earn more than 40k in the year, you can't use carry forward.
My understanding is that carry forward allows people to make use of any annual allowance that they have not used during the three previous tax years.
Nothing to do with over and above current allowances and 40k in a year.0 -
Ok I give up!
You've asked a question, been given an answer and now apparently you know the answer is wrong (which it isn't) ! Why ask in the first place if your so sure.0 -
From my understanding your post is totally and utterly wrong, that you and others have no idea what carry forward is.
My understanding is that carry forward allows people to make use of any annual allowance that they have not used during the three previous tax years.
Nothing to do with over and above current allowances and 40k in a year.0 -
https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/carry-forward
From above -To use carry forward, you must make the maximum allowable contribution in the current tax year (£40,000 in 2019/20) and can then use unused annual allowances from the three previous tax years, starting with the tax year three years ago.0 -
From my understanding your post is totally and utterly wrong, that you and others have no idea what carry forward is.
My understanding is that carry forward allows people to make use of any annual allowance that they have not used during the three previous tax years.
Nothing to do with over and above current allowances and 40k in a year.
Oh dear......no understanding and no clue.
Don't give advice on stuff you know nothing about.0 -
I'd stick to reporting the troll, rather than feeding it...Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0
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