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Understanding carry forward

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  • NoMore
    NoMore Posts: 1,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    trampie wrote: »
    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 -
    trampie wrote: »
    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.
  • trampie
    trampie Posts: 20 Forumite
    Fifth Anniversary 10 Posts
    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.
    Nothing missing from the thread starters post that I can see, who does her old man tell that he is going in big with a lumper on the old pension front sighting carry forward rules ?
  • NoMore
    NoMore Posts: 1,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    trampie wrote: »
    Nothing missing from the thread starters post that I can see, who does her old man tell that he is going in big with a lumper on the old pension front sighting carry forward rules ?

    Answer is in Post 5, they can't use carry forward
  • trampie
    trampie Posts: 20 Forumite
    Fifth Anniversary 10 Posts
    NoMore wrote: »
    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.
    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.
  • NoMore
    NoMore Posts: 1,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
  • zagfles
    zagfles Posts: 21,548 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Chutzpah Haggler
    trampie wrote: »
    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.
    Your understanding is correct. But there is another limit, completely separate to the annual alowance, that you can't get tax relief on personal/employee contributions more than 100% of gross earnings (or £3600 if greater). There is no carry forwards for this limit. See https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm044100 if you don't believe us.
  • NoMore
    NoMore Posts: 1,665 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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.
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    trampie wrote: »
    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.
  • trampie
    trampie Posts: 20 Forumite
    Fifth Anniversary 10 Posts
    BoGoF wrote: »
    Oh dear......no understanding and no clue.

    Don't give advice on stuff you know nothing about.
    Oh dear you have no understanding and no clue and Im not the one giving advice, you are BoGoF.
  • 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 Dorries
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