Does pension term assurance count for unused relief purposes?

Does pension term assurance count for unused...

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My client has been paying pension term assurance (an old S.226a policy). He has no actual pension provision and now wants to mop up the last three years' unused relief. As it is only permissible to carry forward if the client was a member of a pension scheme during the three previous years, my concern is whether the term assurance qualifies as a pension scheme for carry forward purposes. Can anyone point me in the right direction?

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By pauljohnston
13th Oct 2015 11:24

Ae you sure

"As it is only permissible to carry forward if the client was a member of a pension scheme during the three previous years".

I thought one could carry forward the relief, less any used.  If non used then all is available.As to pension term relief I thought this has been phased out but why not check with the insurer.

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By John R
13th Oct 2015 12:02

Paul - further details here about the need to be a member of a scheme in the earlier year http://www.hmrc.gov.uk/manuals/rpsmmanual/rpsm06108010.htm

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By pauljohnston
13th Oct 2015 13:53

Thank you

One learns something everyday.  Although a bit self-defeating as the Govt want us to make as many contributions as possible....

As to the Pension Term insurance - I still suggest you contact the insuere.

 

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