Hi,
I'm not Public Service.
I retire in May this year from DC scheme.
I have scope to do a small lump sum AVC 4k which would be applied to a small amount of 40% PAYE for last year 2023 and get a 1,600 rebate .
However, if I also make a last minute AVC (based on an estimated whole year 2024 income portion subject to 40% ), get a cert from the administrator and submit it when doing the 2024 return next year.
Can I still get the tax relief on AVC (rebate) based on the earnings at 40% in 2024 even though I have yet to receive much of this income which will be post retirement.
Basically getting relief set against income tax from whole year even though retired after only four months.
I only want to apply AVC relief to 40% rate.
Any insights welcome.
I'm not Public Service.
I retire in May this year from DC scheme.
I have scope to do a small lump sum AVC 4k which would be applied to a small amount of 40% PAYE for last year 2023 and get a 1,600 rebate .
However, if I also make a last minute AVC (based on an estimated whole year 2024 income portion subject to 40% ), get a cert from the administrator and submit it when doing the 2024 return next year.
Can I still get the tax relief on AVC (rebate) based on the earnings at 40% in 2024 even though I have yet to receive much of this income which will be post retirement.
Basically getting relief set against income tax from whole year even though retired after only four months.
I only want to apply AVC relief to 40% rate.
Any insights welcome.