AVCs

AVCs

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A client of 10 years standing has just referred to her 'AVC contributions'. She has never mentioned them before, though she has been paying them since 1996. Am I correct in thinking that we can ask the Revenue to correct her tax return figures back to Apr 2000?
Julia

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By Euan MacLennan
24th Aug 2006 18:18

Error or mistake relief
Strictly speaking, tax returns can only be amended up to 1 year after the filing date - so it is only the 2005 return (and 2006 if already submitted) that can be amended now.

However, you can make a written claim (under s.33 TMA 1970) for error or mistake relief where a self-assessment has proved excessive up to 5 years after the filing date, which means 2001 onwards as Paula says.

Before you claim, you need to check exactly what these AVCs are. AVCs linked to an approved company pension scheme might already have had tax relief by being deducted from gross pay for tax purposes, in the same way as the basic contributions. Contributions to a free-standing AVC scheme would probably have been paid net of basic rate income tax - you would only be claiming the higher rate relief if applicable.

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By Paula Sparrow
23rd Aug 2006 21:37

2000 is out of date
The last date for amending the 2000 Return was 31 January 2006, so that the earliest Return which can be amended is 2001.

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