UK - People contributing to defined contribution pensions only have until the end of this month to use a valuable tax break, Legal & General says.
Carryback relief – a tax rule that enables individuals to use unused pension tax allowances given in one year the following year – will be abolished from January 31.
Legal & General director of pensions marketing Andy Agar explained: “Carryback enables pension contributions paid between April 5, 2002 and January 31, 2003 to be treated as if they had been paid in the 2001-02 tax year and clients can claim their unused tax relief for that tax year.”
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