Did anyone else use pension contributions in 18/19 to offset the loan charge ? Did anyone else use pension contributions in 18/19 to offset the loan charge ?
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  1. #1

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    Default Did anyone else use pension contributions in 18/19 to offset the loan charge ?

    Hi,

    The Loan Ranger did some excellent work on this topic

    https://www.contractoruk.com/forums/...n+contribution

    I used this for my 08-09 open year loan to offset it.

    Did anyone else do this ?

    CPBWRN

  2. #2

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    Default Pension Offset open years

    Quote Originally Posted by CanPayButWouldRatherNot View Post
    Hi,

    The Loan Ranger did some excellent work on this topic

    https://www.contractoruk.com/forums/...n+contribution

    I used this for my 08-09 open year loan to offset it.

    Did anyone else do this ?

    CPBWRN
    Agree that Loan Rangers posts were very informative, however with regards offsetting open years, although it may offset the loan charge tax due, there is still the issue of the underlying tax .
    I believe if you pay the LC , the amount paid can be used to offset the underlying tax due for the open year, if you have used a pension contribution to offset the LC , is this still the case?

  3. #3

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    Default

    Quote Originally Posted by Albert49 View Post
    Agree that Loan Rangers posts were very informative, however with regards offsetting open years, although it may offset the loan charge tax due, there is still the issue of the underlying tax .
    I believe if you pay the LC , the amount paid can be used to offset the underlying tax due for the open year, if you have used a pension contribution to offset the LC , is this still the case?
    he believed that once the loan charge ( a one time catch all loaners charge) was paid then they would not come back to us.

    for me at 51 it was worth a shot anyway

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