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Previous years allowances for very low earner
SomeMadeUpName
Posts: 373 Forumite
Hello
From reading threads on here it has become clear to me that you can put more than £40k into pension if you didn't use all of the £40k allowance in the previous tax year (though you still can't breach the earned income limit (so if your earned income in the current year is £60k that's the most you can put in even if you had say £30k of the previous years allowance still to use).
OK, so now my question:
If you are at the other end of the scale (very low, or zero earned income) is there any allowance carry forward? So if you didn't put £2880 in last year, could you put £5760 in this year?
I suspect not, but fingers crossed you tell me different.
Thx
From reading threads on here it has become clear to me that you can put more than £40k into pension if you didn't use all of the £40k allowance in the previous tax year (though you still can't breach the earned income limit (so if your earned income in the current year is £60k that's the most you can put in even if you had say £30k of the previous years allowance still to use).
OK, so now my question:
If you are at the other end of the scale (very low, or zero earned income) is there any allowance carry forward? So if you didn't put £2880 in last year, could you put £5760 in this year?
I suspect not, but fingers crossed you tell me different.
Thx
0
Comments
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No. Unless this tax year's pensionable earnings exceed £3,600 you would be limited to £3,600 gross (£2,880 net of basic rate tax relief).0
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Thx, I guessed as much, but can't hurt to ask.Dazed_and_C0nfused said:No. Unless this tax year's pensionable earnings exceed £3,600 you would be limited to £3,600 gross (£2,880 net of basic rate tax relief).0
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