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17th August 2014, 12:34 PM
#1
Pension Tax Relief & SED
Hi,
I am currently working in the Merchant Navy, I am a UK resident. For the past four years I have been claiming Seafarers Earnings Deduction on 100% of my wages. During this time I have also continued to make contributions to pensions that I set up before I was claiming SED. Tax relief for these pensions has continued to be claimed by my pension providers. It has only just occurred to me that on account of claiming SED I might not be eligible for tax relief on the pension contributions, can anybody give me any information about this?
Thanks
Chas
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17th August 2014, 12:40 PM
#2
Re: Pension Tax Relief & SED
Hi Chas, keep looking in, someone will probably know, it is weekend and usually quiet.
Cheers
Brian
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17th August 2014, 03:31 PM
#3
Re: Pension Tax Relief & SED
it might be worth contacting your pension provider and see if they are claiming relief for previous years when you did not claim the full relief you were entitled.this is called carry back and to best of my knowledge you can use up to 7 years relief entitlement.
This info is based on my experience as a financial adviser and my be slightly out of date as I have been retired for 17 years but some of the rulings should still apply
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18th August 2014, 06:49 AM
#4
Re: Pension Tax Relief & SED
Chas, you may have solved a mystery I have always wondered about. Think I put in an earlier post. I wasnt paying British tax for a number of years. On coming back into the British system which was PAYE, the second mate we had was an ex tax accountant and he did my tax return for me. I got a rebate although to the best of my knowledge hadnt paid any tax. Not to look a gift horse in the mouth, I accepted his superior knowledge. Maybe this was something to do with the pension fund. When made redundant in 1986, I went back to sea for 11 months in a couple of foreign vessels, but kept out the country during the financial year so was clear in any case. However before finding a job received 2 weeks dole money. On returning to the tax system the Dept. of Employment demanded this few quid back, I told them to go and whistle, they then threatened to have it deducted from the OAP when I ever came up to it. I went to see the Labour Exchange Manager who had paid the two weeks dole, he was incensed that they could make such threats. He told me it was up to him if he paid dole or not and not some shifty Government Dept. The amount of money nowadays given out ad lib to foreign nationals doesnt give one any regard whatsoever for the system, and pleased am out of it, with the few coppers they pay as the Old Age Pension. Howeverb your plight you will have to get info. from some more used to the present day system of Income tax. During my time at sea I think it was a liberty for any seaman to pay tax at the same rate as a shore worker, when were not claiming the benefits that they got ashore. Cheers John S
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