Higher-rate taxpayers last chance to reclaim a pension tax rebate!
You have four tax years to claim a tax rebate under PAYE for any tax you have overpaid or to reclaim any allowances you have missed out on. From April 2012 onwards, the time limit for making a tax rebate claim was reduced to four years. This means anyone wanting to claim back overpaid tax for the year 2008/2009 needs to do so before 5th April this year.
Pension Tax Rebates…
Many people affected by this change will be higher-rate taxpayers who have not yet claimed the extra 20% tax relief they are entitled to for pension contributions or for gift aid donations to charity.
One of the most common examples of individuals not claiming tax is on pension contributions. This is because members of personal pension schemes, including group personal pension schemes and self-invested personal pensions only receive basic rate tax relief at 20 per cent automatically. The additional 20 per cent relief available for higher rate taxpayers must be reclaimed by the individual, they will not be sent any information by HMRC to prompt them into making a claim for a pension tax rebate. If the relief you wish to claim is from the 2008/2009 tax year, after 5th April this year any claim made will not be successful.
