For people on the higher band rate, the tax advantage for 2007 is 1% less than in 2006 due to 42% rate falling to 41%.
Under the PAYE system the monthly pension/avc deductions are relieved at 41% rate.
Is there any way to reclassify the Jan to Oct deductions for 2007 as 2006 deductions and then claw back an extra 1% tax relief on them i.e. utilising the Oct 31st deadline.
Has anyone done this before in the year when the marginal rate fell ?
Under the PAYE system the monthly pension/avc deductions are relieved at 41% rate.
Is there any way to reclassify the Jan to Oct deductions for 2007 as 2006 deductions and then claw back an extra 1% tax relief on them i.e. utilising the Oct 31st deadline.
Has anyone done this before in the year when the marginal rate fell ?