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£2,880 into SIPP just for the tax relief

Murmansk
Murmansk Posts: 1,217 Forumite
Part of the Furniture 1,000 Posts Name Dropper
in Pensions, annuities & retirement planning
I'm aged 57 and a year or so ago I put £2,880 into a SIPP account with Hargreaves Lansdown so I could benefit from the £720 tax relief. It's not been invested, it's just sat in the account earning a tiny bit of interest.

I've kind of lost track of what the plan was with this - basically just to get the tax relief. The questions are:
1. Shall I put another £2,880 in this tax year?
2. What are my options for this money in due course given that I don't want to actually invest it but am just seeking to benefit from the tax relief?

Thanks

Comments

  • Clive_Woody
    Clive_Woody Posts: 5,968 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Murmansk wrote: »
    I'm aged 57 and a year or so ago I put £2,880 into a SIPP account with Hargreaves Lansdown so I could benefit from the £720 tax relief. It's not been invested, it's just sat in the account earning a tiny bit of interest.

    I've kind of lost track of what the plan was with this - basically just to get the tax relief. The questions are:
    1. Shall I put another £2,880 in this tax year?
    2. What are my options for this money in due course given that I don't want to actually invest it but am just seeking to benefit from the tax relief?

    Thanks
    Pretty sure you can stick the same amount in again next tax year too and keep doing this.

    Lots of threads on here about doing this and also about withdrawing funds too. Have a look around :beer:
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • xylophone
    xylophone Posts: 45,983 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Do you have no relevant income (or relevant income under £3,600)?
  • Murmansk
    Murmansk Posts: 1,217 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    xylophone wrote: »
    Do you have no relevant income (or relevant income under £3,600)?

    I have a Local Govt pension of £4,680 a year and income from self employment such that I might just be paying a bit of income tax this year.
  • Dazed_and_confused
    Dazed_and_confused Posts: 6,458 Forumite
    Uniform Washer
    So you can almost certainly put more than £2,880 in (£3,600 gross) and get basic rate tax relief on it if you wish.
  • Murmansk
    Murmansk Posts: 1,217 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    xylophone wrote: »
    Do you have no relevant income (or relevant income under £3,600)?

    I have a Local Govt pension of £4,680 a year and income from self employment such that I might just be paying a bit of income tax this year.
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