Weliveinhope Posted March 13 Share Posted March 13 Hi -I think I know the answer, but just want to confirm. If I pay a lump sum (within the limits) into my SIPP, put it on my return and receive 20% tax relief? Thanks in advance. Quote Link to comment Share on other sites More sharing options...
piebaps Posted March 13 Share Posted March 13 The rules are set out here https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/tax-relief/ Pension contributions are deducted from your total income before your tax bill is calculated. They get relief at between 10% and 20% depending on whether you are in the 10% band, the 20% band or a mixture of the two. Quote Link to comment Share on other sites More sharing options...
x-in-man Posted March 13 Share Posted March 13 Leave it a few days and get 22% relief? Quote Link to comment Share on other sites More sharing options...
Weliveinhope Posted March 13 Author Share Posted March 13 31 minutes ago, x-in-man said: Leave it a few days and get 22% relief? swings and roundabouts Quote Link to comment Share on other sites More sharing options...
Weliveinhope Posted March 13 Author Share Posted March 13 thanks for responses Quote Link to comment Share on other sites More sharing options...
Anyone Posted March 17 Share Posted March 17 If you have a SIPP you presumably have a financial advisor. If I were you I’d go to them rather than asking on here. But each to his own I suppose. Quote Link to comment Share on other sites More sharing options...
Pearl49 Posted March 18 Share Posted March 18 Yes, contributing a lump sum within the limits to your SIPP can indeed result in receiving 20% tax relief. Quote Link to comment Share on other sites More sharing options...
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