Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sun, 05 Jan 2025 16:11:34 GMT by Sikwu
Hi, I have a UK income of £24,000 annually (tax code: 639LX) and £30,000 from overseas. My UK savings amount to £10,000, and £1,000 from overseas savings. From 6 April 2024 to 5 April 2025, this estimated amount is £65,000. If I invest £14,400 with a SIPP provider, the government will add £4,800 (20% tax relief), and I can claim another £4,800 through Self Assessment. This means my SIPP account will total £24,000. Is this correct? Thank you
Posted Mon, 20 Jan 2025 09:11:48 GMT by HMRC Admin 17 Response

Hi ,
 
As long as your pension payment is below your UK earned income for the year, your pension provider can claim 20% relief from HMRC,

allowing you to claim any additional relief due through your self assessment tax return.

Thank you .

You must be signed in to post in this forum.