The term used for the exercise of taking up unused pension relief from the previous tax year. This facility was abolished as from April 6th 2006.!-- google_ad_client = "pub-3741906632505873"; google_ad_width = 336; google_ad_height = 280; google_ad_format = "336x280_as"; google_ad_type = "text_image"; google_ad_channel =""; google_color_border = "FFFFFF"; google_color_bg = "FFFFFF"; google_color_link = "0000FF"; google_color_url = "999999"; google_color_text = "000066";
deduct a loss or an unused credit from taxable income for a prior period
A member can sometimes transfer pension contributions to an earlier tax year for tax relief purposes. This is called carry back. The carry back rules no longer apply after 31 January 2002.
Sometimes you can claim for a loss you have made, or for a payment you have made, to be deducted from your income or capital gains in a tax year earlier than that in which the loss or payment was made. For example you may claim for a trading loss to be set against your income in the tax year before that in which you made the loss.
A member could sometimes transfer contributions to an earlier tax year for tax relief purposes. This was called carry back. The carry back rules have not applied since 31 January 2002.
Contributions to a Personal Pension Plan or Retirement Annuity Contract can be treated for tax purposes if they had been made in the preceding tax year (carried back). If insufficient Net Relevant Earnings were made in the preceding year to permit the Carry Back, then it may be possible to elect to have the payment treated for tax purposes as if it had been paid in the year prior to that, effectively carrying back 2 tax years.