Pension Carry Forward

hyperhypo

It's not the calculation of available headroom, it's what i do with it i'm unsure of. It's the procedure i don't understand. How do i present it and who to send to ..if anyone has a link or experience of how they handled it i'd really appreciate it. 

Dazed_and_C0nfused

You just keep it somewhere safe in case HMRC ever ask for the details.

zagfles

hyperhypo said:

It's not the calculation of available headroom, it's what i do with it i'm unsure of. It's the procedure i don't understand. How do i present it and who to send to ..if anyone has a link or experience of how they handled it i'd really appreciate it. 

You only need to do something if there's an annual allowance charge to pay, then you need to declare it on your tax return. If there's no charge to pay eg because you are using carry forwards, you don't need to do anything. As above just keep a record of your calculations in case HMRC query it.

nepomuk

Even when there is no penalty to pay on exceeding the annual allowance threshold due to carry forward it needs to be declared on self assessments. Refer to HS345 section 5.

zagfles

nepomuk said:

Even when there is no penalty to pay on exceeding the annual allowance threshold due to carry forward it needs to be declared on self assessments. Refer to HS345 section 5.

No you don't. Read section 8.5

hyperhypo

Appreciate the pointers to HS345...will study accordingly. I'll ask my solicitor too , if i can get an appt. to discuss settlement contract !

Mick70

Sorry to chip in , my wife made about 5k profit the last 3 years but wasn’t laying into pension although does have an old Scottish widows pension . Our IFA told me to I could try pay in 3 years unused allowance before 3rd April (15k) and left me under impression the govt would add the top up  .  Was he wrong ? 

Cheers 
mick 

Albermarle

Mick70 said:

Sorry to chip in , my wife made about 5k profit the last 3 years but wasn’t laying into pension although does have an old Scottish widows pension . Our IFA told me to I could try pay in 3 years unused allowance before 3rd April (15k) and left me under impression the govt would add the top up  .  Was he wrong ? 

Cheers 
mick 

Answered on the other thread - The IFA is wrong if he told you that.

zagfles

Mick70 said:

Sorry to chip in , my wife made about 5k profit the last 3 years but wasn’t laying into pension although does have an old Scottish widows pension . Our IFA told me to I could try pay in 3 years unused allowance before 3rd April (15k) and left me under impression the govt would add the top up  .  Was he wrong ? 

Cheers 
mick 

If your IFA told you that, sack him, he's incompetant. This is discussed every week here. There is no carry forwards for the 100% of earnings tax relief limit. Find an IFA that actually understands pensions. They are rare these days it seems...