andrewd8323

Thanks - can I claim back the full 60%?

Thanks for your message. I will pay effective tax of 60% on the income (40% income tax plus an additional 20% through loss of personal allowance due to earning over £100k), Won't I be able to get relief up to the full amount I will have paid if I put the money into a SIPP? Thanks Andrew

Thanks HMRC Admin 20. and can I confirm the following please: 1) In order to reduce my gross salary by £8,000 I would need to contribute £6,400 to a SIPP? 2) I can claim back the full tax relief (ie 60%) despite being over this year’s annual allowance (due to unused carry forward) 3) By doing the above HMRC will refund me £3,200 4) I can elect to have the refund paid by cheque? Thanks Andrew

Hello This year I expected to earn gross income of £160k. I am trying to keep my gross salary to £100k so over the year I have contributed £60k of my gross income to my employer's pension arrangement. Whilst my £60k contributions use up this year's annual allowance, I do still have unused annual allowance carry forward from previous years totalling £33k. My employer has just decided to pay me an additional £8k (gross), bringing my gross salary to £160k - £60k + £8k = £108k. I am keen to bring this back down to £100k but it is too late in the tax year to put the £8k into my Employer's pension arrangement. Is it therefore possible to: Contribute £6,400 to a Self Invested Pension Plan (separate to my Employer's pension arrangement), with the SIPP provider then applying basic rate tax savings to bring this to an £8,000 contribution Claim back £3,200 in tax via the self assessment , with this paid to me via cheque Therefore bringing my gross earnings back to £100k Thanks in advance