sipp contribution to avoid losing personal allowance

highet

due to doing a few extra jobs last year my taxable income has ended up at £116824 for the year 2013-14. i would like to avoid losing my personal tax allowance by reducing my taxable earnings to below £100000 by making a contribution to my sipp. i assume i only have to make a contribution of £16824 to reduce taxable pay below the 100k mark and this will be grossed up by a rebate of 20% from the inland revenue to give total added to sipp of £21030. anyone more knowledgeable than me on her confirm that my calculations are correct?
thanks

grey_gym_sock

you need to pay only c. £13,459 into a SIPP, which will be grossed up to £16,824, and reduce your taxable income by the same amount.

thenudeone

Yes. £16824 is the GROSS amount you need to pay.
Since the pension fund will automatically reclaim the 20% tax it assumes you've already paid, your cheque only needs to be £13459.

I'd play safe and pay at least another few hundred pounds in, just in case there's an error in your tax calculation estimates (for example: benefits in kind, or allowable expenses)

tillycat123

Had to do the same, really last minute as bonus, pay rise and pay all come in March 25th pay packet and bonus amount is kept under wraps till then.

Just hope I've calculated it all ok! Cheque posted Monday to L&G and added to account next day so all arrived fine and dealt with quickly.