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Posted Tue, 07 May 2024 14:19:09 GMT by steviestax
Hello, I want to pay as much as possible into my SIPP, which I understand is now £60K per annum with tax relief. I get a small employer pension contribution of £4,134 per year, which is paid into a pension scheme called NEST. I'll make the SIPP contributions monthly, but working with annual figures, do I pay in 55,866 (being 60,000 - 4,134), or have I got to work out the tax relief I will get and pay a net amount. So, taking the 55,866 and reducing this by 11,173 (being 20% of 55,866 assumed to be paid by the government) to leave a net contribution of 44,692? Any help appreciated. Cheers, Steve
Posted Tue, 14 May 2024 13:43:48 GMT by HMRC Admin 19 Response
Hi,

You need to work out the relief as the £60000 includes any tax relief given.

Thank you.

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