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Posted Tue, 17 Oct 2023 07:33:21 GMT by Colin Everett
Dear Team I am still actively employeed and in the high earners tax bracket. in Oct, 2022 I used 200,000 GBP from my pension pot to purchase a managed pension SIPP to enable me to buy a commercial office as a pension investment. The commercial property was purchased in the 2022-2023 tax year and so I need to complete my self-assessment. The first monthly Rental Income of 925.52 GBP was paid on the 13 April 2023. So falls within the 2022-2023 tax year. On the SIPP statement I have a series of Property Expenses, Scheme fees, bank interest, Property Incomes (but only the first Rentail income in April 2022) that fall within the 2022-2023 tax year. So at the close of April 2023 I have a balance of 33,787.05 in my SIPP account statement. My question is - where do I file all this information in my 2022-2023 self-assessment? And what detail do I actually add? Kind regards
Posted Thu, 19 Oct 2023 13:42:13 GMT by HMRC Admin 10
If you have taken the income as part of a drawdown from your SIPP then this would be income received under other pensions.
For the rental income, you need to declare this under income from property.
Detail of what are allowable expenses is at -
Work out your rental income when you let property

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