Date Formula to change year only from date in another cell


I am attempting to build a simple client policy data base for an insurance broker.

In this database I have 2 dates:
inception date (inputed date)
renewal date (formulised date)

renewal date needs to be the annual anniversary of inception so if:
Inception is 01/05/2024
renewal will be:
01/05/2025 in 2025
01/05/2026 in 2026
01/05/2027 in…

But only in up to their respective anniversary, then then year must tick over to the next year ie:

Assume 01/05/2024 has passed it is now 03/05/2024

renewal must read:

I cannot seem to wrap my head around Ragic formula syntax to achieve this.
ANy help will be greatly appreciated.

Hi Nick,

First you can have field to automatically generate a date that’s a year later referenced from Inception date, you can add formula to calculate date and time into Renewal Date as (Column# Inception Date)+365.

Second, Add another date to generate current date with formulaTODAY().

Third, In the Renewal date field, use Conditional formula to generate the final correct renewal date based on the conditions you need.

Last, to make sure the formula would be recalculated to update the current date by the system automatically, please add a script of daily workflow to help you execute daily recalculation.

Let us know if you have any questions.