Can you backdate a Private Pension Contribution

Can a Private Pension Contribution be backdated to the previous year

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I forgot to make a Private Pension Contribution before the tax year ended in April - is it possible to make a payment now for the Tax Year 22-23?

I use Pension Contributions to reduce my income for Tax Credit purposes but forgot to make the contribution before the year ended so really need it to go into last years tax year otherwise I have underestimated my income for that tax year.  I know it's a silly mistake to make but it does mean it will cost me a few £'s which I really don't have much to spare.

My pension provider said I can Carry Forward any unused tax allowance from the previous year but this will not help me.

Thanks

Replies (7)

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Danny Kent
By Viciuno
04th May 2023 10:01

No

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By Wanderer
04th May 2023 10:05

No.

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By Leywood
04th May 2023 10:36

No.

But do get yourself a tax advisor/Accountant so you can properly plan for the future.

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By Truthsayer
04th May 2023 10:50

Many years ago you could relate back a contribution, but not nowadays.

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By Hugo Fair
04th May 2023 15:32

When you make a contribution into a pension scheme is a matter of fact (i.e. it is what it is, not whatever else you'd like it to be).

Life is full of such instances ... if you arrive late (after the boarding-gate has closed) for your flight, you would need a time-machine to enable you now to board the plane.

In the absence of a time-machine, you can't change the past.

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By DKB-Sheffield
04th May 2023 17:50

Without sounding insensitive..., and on the matter of costing a few £s that you don't have to spare... can't you use the funds you are going to pay into your pension to cover your shortfall in tax credits? Excess income reduces tax credits by 41%. I admit, it doesn't help retirement planning.

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By BonzoC
05th May 2023 10:30

Thanks for all your answers and help. dkb-sheffield, I know what you said makes sense and it's not insensitive at all. I just have a low income and near to retirement so need to invest in my pension (which is what the Government want you to do) and by using Tax Credits at the moment works well for me. Before everybody starts getting angry, I've been paying income tax for 40 years so what I'm getting back now from the State is only a very tiny proportion of what I have already put in. Thanks again for all your help.

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