Can I contribute more than £2880?

AnotherJoe

atush wrote: »

What is your income? If nothing, then 2880/3600 it is.

That is technically incorrect (as acknowledged by the OP in their first post)

Thats the maximum you can put in and get the tax relief.

If the SIPP allows it you can put extra in and just not get the tax relief added.

Dox

dboswell wrote: »

I understand if you have no earnings you can add £2880 and get a £720 top up taking it to £3,600.

Can I add another £2,400 without top up making my total contribution of £5,280 plus the £720?

Yes.

See https://www.hl.co.uk/pensions/sipp/how-much-can-i-invest for more info (probably aimed at others reading this thread, but might be helpful to you at some point)

atush

AnotherJoe wrote: »

That is technically incorrect (as acknowledged by the OP in their first post)

Thats the maximum you can put in and get the tax relief.

If the SIPP allows it you can put extra in and just not get the tax relief added.

Which would be foolish and pointless.

dboswell

cloud_dog wrote: »

How old are you? Could you look to utilise a LISA???

Over 40 years old

dboswell

kidmugsy wrote: »

Not a terribly good idea. With your CGT exemption of around £11k, and your Personal Allowance against income tax of nearly £12k, plus a dividend allowance of £2k, it would probably be wiser just to bung the money into an ordinary tax-exposed share and funds account. Consider Vanguard, for instance, or Hargreaves Lansdown, or iWeb.

If you want to diversify, put the money into gold sovereigns, or P2P lending, or ..... Heavens, you could open a Nationwide FlexDirect account and make 5% AER on the money as long as you honour the T&Cs.

So broadly speaking, would you say

1) ISA funds maxed every year
2) SIPP to £3,600
3) Surplus in ordinary share account

dboswell

SmashedAvacado wrote: »

can the OP just wait until 6 April and do it then. In the meantime, perhaps use it to buy some premium bonds or save it in a 6 month deposit.

What is the advantage to wait here?

kidmugsy

dboswell wrote: »

So broadly speaking, would you say

1) ISA funds maxed every year
2) SIPP to £3,600
3) Surplus in ordinary share account

If you are hell bent on investments in equities that would be a reasonable way to do it.

Whether you should be is another question (with no possibility of a conclusive answer).

michaels

atush wrote: »

Which would be foolish and pointless.

Nope, it prevents the dw from even thinking about spending it and there is another advantage.

michaels

AnotherJoe wrote: »

1) Big assumption especially once SP kicks in.
2) Why take the risk of paying tax when there's no need to.
3) Capital gains on these small sums is unlikely and easily managed by sell and rebuy every few years.

Did you have to do something special with Cavendish to stop them adding the 25% tax uplift when you added money?

I think Cavendish told me to tell fidelity.

AnotherJoe

dboswell wrote: »

So broadly speaking, would you say

1) ISA funds maxed every year
2) SIPP to £3,600
3) Surplus in ordinary share account

Yes I would