PENSION holders in the two counties could lose thousands of pounds to the Inland Revenue if they fail to claim back their tax relief before the deadline of January 31, 2002.

Accountants and business advisers, PKF, are warning pension holders they have until the end of January to make a payment and elect for it to be carried back to the 2000/20001 tax year - the last year when 'un-used relief' for earlier years can be utilised.

However, contributors have to make the correct tax election to claim full tax relief, according to the company.