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Posted Thu, 27 Jun 2024 17:50:31 GMT by chappies
For the 2024-25 tax year, there's a tax free limit on pensions of up to £60000. I pay into my company pension via salary sacrifice. The amount I pay into my company pension via salary sacrifice (including company contributions) is £40000. Based on previous experience, this will leave me with a "Pay in this Employment" on my P60 of £25000. Can I chose to pay into a SIPP up to an amount which will result in (after 20% tax relief is added to the SIPP) a further £20000 being added to the SIPP? (In my example, that would be £16000 before the tax relief is added to the SIPP). My understanding is that the amount added to my company pension and the SIPP (including added tax relief) must be no more than £60000. And that I cannot increase my SIPP (including tax relief) by more my income on my P60. Is my understanding correct?
Posted Wed, 03 Jul 2024 09:58:02 GMT by HMRC Admin 25 Response
Hi chappies,
You are correct.
Thank you. 

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