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  • FIRST POST
    • alsace-dave
    • By alsace-dave 7th Sep 17, 1:06 PM
    • 15Posts
    • 1Thanks
    alsace-dave
    Tax relief on Private pension contributions
    • #1
    • 7th Sep 17, 1:06 PM
    Tax relief on Private pension contributions 7th Sep 17 at 1:06 PM
    As a non tax payer & over 55 years old, am I able to pay in the maximum £2880 out of my savings into a SIPP, get the 20% tax relief, then drawdown the full amount of it including the tax relief?
Page 1
    • Asghar
    • By Asghar 7th Sep 17, 1:16 PM
    • 110 Posts
    • 58 Thanks
    Asghar
    • #2
    • 7th Sep 17, 1:16 PM
    • #2
    • 7th Sep 17, 1:16 PM
    Yes, have a read of this thread and keep an eye out for any charges.
    http://forums.moneysavingexpert.com/showthread.php?t=5580163
    Last edited by Asghar; 07-09-2017 at 1:20 PM.
    • xylophone
    • By xylophone 7th Sep 17, 1:17 PM
    • 23,447 Posts
    • 13,634 Thanks
    xylophone
    • #3
    • 7th Sep 17, 1:17 PM
    • #3
    • 7th Sep 17, 1:17 PM
    If you have no relevant earnings, then you can pay up to £2880 into a SIPP and the provider will then claim 20% tax relief.

    You can take 25% tax free - the balance will be taxed as income in the tax year you withdraw it.

    If together with other income (from a pension for example), this took you over your Personal Allowance (s), then you would end up paying tax.
    • Money Help
    • By Money Help 8th Sep 17, 9:16 AM
    • 34 Posts
    • 15 Thanks
    Money Help
    • #4
    • 8th Sep 17, 9:16 AM
    • #4
    • 8th Sep 17, 9:16 AM
    You can also do the same thing and pay the same amount into a partners pension if they don't have any earnings.
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