SIPP with 40% tax relief - how to claim

bigadaj

Random47 wrote: »

Yes they do. I kinda considered this but was leaning to SIPP as I take control.
With guidance that I only get the 20% rate paid at time of investment drip feed (or closely after) then have to claim additional at year end which is paid direct to myself or as a tax relief then I might go back and consider salary sacrifice as full amount invested at initial pay deduction.
Thanks for replies:beer:

If you are making regular contributions than Hmrc can adjust your tax code so you effectively get the the tax relief through the year. Alternatively notifying them of one off payments through the year will mean they can process refunds at that time with payment of higher rate relief in a few weeks.

bigadaj

greenglide wrote: »

So you are foregoing the NI reduction simply to "take control"?

Have you been listening to the brexit lunatics?

NI savings will be limited in the higher rate tax band though.

This has just make me wonder what happens in Scotland with the misalignment of the higher rate tax band, is NI adjusted or is there a band of 53% marginal 'taxation'.