Utilising allowances from earlier years

[Harrai]

Hi All

Is it possible to use allowances from previous years to reduce the LC in 2018/2019?

Thanks

[WTFH]

If you've got a tax advisor who can go through your figures with you, then you might be able to recalculate previous years tax - but only for the years that you were in the scheme.

How many years were you using one of the schemes?

[webberg]

Not really unfortunately.

You can carry forward pension allowances unused in previous years but obviously you have to make a contribution to the pension.

[GreenMirror]

This is one of the sneaky things HMRC have done. Even if you have 18 years of loan scheme you only get one year of allowance!

[phil@pmtc]

This is one of the sneaky things HMRC have done. Even if you have 18 years of loan scheme you only get one year of allowance!

If you settle you use the allowance from each year (as well as basic rate for each yr) as they calculate it by adding the income to each year that loans were actually received. Admittedly for many this hardly makes a difference as will have already used the allowances with other income.