Granitas Black

So if payment was cleared by 5th April 22/23 then deemed date of contribution is 22/23? That is my reading of the document. Thanks

Hi, please be gentle as I'm very anxious. On 4th April 2023 I made a sipp contribution. The funds cleared on 5th April in their accounts. As it missed their 31st March deadline they allocated it to 23/24 tax year. I have claimed tax relief in 22/23 personal tax return as my accountant said I had paid it (and they had received) it in 22/23. But they refuse to budge on the year of allocation. What can I do? Does the pension year they have allocated it to set the year i should reclaim tax, or do accountant rules apply because I paid it in 22/23? Whilst I understand I missed their deadline my understanding is that guidance is to ensure money is cleared by the end of the tax year to avoid disputes about money sent pre 5th April arriving post 5th April and arguing about who was right/ wrong. Every other accounting rule i have seen is dictated by when money is sent/received, not when it is allocated. Any help gratefully received.

Hi, I'm looking for some advice relating to reclaiming tax on pension contributions. I made a payment of 40k on the 4th April 2023 to my ii SIPP. I am self employed. This payment came out of my account on the 4th of April and was confirmed by ii to have been in ii accounts on the 5th of April. I have a timestamped BACS slip provided by the pension provider. Due to a mix up with paperwork they did not allocate the funds into my pension for several weeks. As such they have allocated it to the 23/24 tax year rather than 22/23. Despite arguing back and forth they refuse to reallocate it and consider the matter closed. I believe that as I paid the money out (and it was received) in the 22/23 tax year I was correct to have claimed the tax relief for 22/23 in my personal tax return, irrespective of when the form was processed. However my concern now is that if I make a contribution of 40k in the next week or so for the 23/24 tax year I will be in excess of my yearly allowance. I have no carry over available from previous years. What can I do to get confidence that I wouldn't be chased for additional tax at a later date? Can I just make the payment into my SIPP and ignore the inevitable warning from ii that I have breached my annual allowance? Many thanks