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Do sipps count in tax credit deductions
Legacy_user
Posts: 0 Newbie
Hello
On the tax credit forms and help sheet it mentions that you can deduct stakeholder pensions but I see me reference to sipps
Given the choice for my 2nd pension I'd rather have a sipps so I can invest 100% into small cap equities, which I don't think a stakeholder for the masses would let you do
And to double check we are allowed to deduct a second pension in unlimited amounts? I can save about £500 a month and deducting the gross of that would have quite an effect on my tax credits
:beer:
On the tax credit forms and help sheet it mentions that you can deduct stakeholder pensions but I see me reference to sipps
Given the choice for my 2nd pension I'd rather have a sipps so I can invest 100% into small cap equities, which I don't think a stakeholder for the masses would let you do
And to double check we are allowed to deduct a second pension in unlimited amounts? I can save about £500 a month and deducting the gross of that would have quite an effect on my tax credits
:beer:
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Comments
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*no reference, not me reference
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Where are you reading?
The gov site just says personal pension - https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/503090/TC825_04_16_1.0.pdf
https://www.gov.uk/guidance/tax-credits-working-out-income#employees0 -
A PDF of guidance notes for filling form in, I think it probably does include all but like to be sureThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Tc825 is the publicationThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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MatthewAinsworth wrote: »
That was the first link I posted0 -
A SIPP is a form of personal pension.
http://www.entitledto.co.uk/help/tax-credit-pension-contributions0 -
A SIPP is a form of personal pension.
http://www.entitledto.co.uk/help/tax-credit-pension-contributions
Hence what the PP stands for.0 -
Thankyou everyone! Just waiting for bestinvest to set up my direct debit, having a page error at moment, will try during the week
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