Income and Corporation Taxes Act 1988

641 Carry-back of contributions. U.K.

M1 (1) An individual who pays a contribution under approved personal pension arrangements in a year of assessment (whether or not a year for which he has relevant earnings) may elect that the contribution, or part of it, shall be treated as paid—

(a) in the year of assessment preceding that year; or

(b) if he had no net relevant earnings in that preceding year of assessment, in the year of assessment before that.

(2) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) Subject to section 655(2), references in subsection (2) above to an amount of unused relief attributable to the earnings mentioned in subsection (2)(a) are to an amount which could have been deducted from or set off against those earnings under section 639(1) if—

(a) the individual had paid contributions under approved personal pension arrangements in the year of assessment for which he has the earnings; or

(b) any such contributions paid by him in that year had been greater.

(4) An election under this section must be made [F2 on or before the 31st January next following] the year of assessment in which the contributions treated as paid in another year are actually paid.

(5) Where an election is made under this section in respect of a contribution or part of a contribution, the other provisions of this Chapter shall have effect as if the contribution or part had been paid in the year specified in the election and not in the year in which it was actually paid.

Textual Amendments

F1 S. 641(2) repealed (with effect in accordance with s. 228(4) of the repealing Act) by Finance Act 1994 (c. 9), s. 228(2)(b), Sch. 26 Pt. 5(25), Note 1

F2 Words in s. 641(4) substituted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 18

Marginal Citations

M1 Source-1987 (No.2) s.33