Unused relief for the chop
RELIEF on unused pension contribution allowances could soon be abolished if a discussion document containing this proposal becomes law.
At present, unused relief extends back six years, says Nick Jenkins, a partner at accountant Hacker Youngs Chester office. But a document being studied at Whitehall suggests ending that from Apr 6, 2001.
This will mean farmers will no longer be able to compensate for peaks and troughs in annual profits by varying their pension contributions, says Mr Jenkins.
"My advice is to consider using up every possible penny of unused relief available from 1995 onwards, before April 2001." *