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Can I retrospectively use un-used tax free allowance from a previous tax year?
Golactico
Posts: 141 Forumite
Put simply, in 2023/24 my taxable income was £6100. As my tax free allowance was £12,570 and I turned 55 in Feb 2024, I could (and should!) have withdrawn the difference of £6,470 from my pension as this would have been tax free (over and above my 25% tax-free lump sum which I have recently taken).
Is there any way that I can now take £6,470 from my pension pot and inform HMRC that this is retrospectively apportioned to the 2023/24 tax year and therefore not liable for tax? I expect not, but grateful for confirmation that the answer is 'no'.
Is there any way that I can now take £6,470 from my pension pot and inform HMRC that this is retrospectively apportioned to the 2023/24 tax year and therefore not liable for tax? I expect not, but grateful for confirmation that the answer is 'no'.
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no - sorry.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.1 -
No , but at least you are now aware of the issue of utilising all your personal allowance where possible in the coming years( many people are not)1
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Only if Santa brings it this xmas.
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