SIPP payment and tax relief for previous year

johnnash

Hi all, new to the forum. I have question regarding SIPP might be a bit daft but I am trying to get my head around it. So I was paid a bonus (first time ever) and that took my final income for 2019-2020 to £100,000. HMRC have asked me to do a self assessment and was but I was wondering if I could do a personal payment to a SIPP now and could that be used for last year's income, I have not done any personal pension payments year 19/20. 

Dazed_and_C0nfused

You cannot get tax relief for pension contribution for any year except the tax year the payment is made in.

If you are feeling generous you mind find it worthwhile reading the tax return notes regarding Gift Aid relief.

The bit which may be of interest is only relevant before filing you file your 2019:20 return.

Dox

I wonder if you're thinking of carry forward: https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/carry-forward

johnnash

I think Dazed answered my question, as I expected, after the end of the year I cannot invest in SIPP to reduce my taxes. 

Albermarle

johnnash said:

I think Dazed answered my question, as I expected, after the end of the year I cannot invest in SIPP to reduce my taxes. 

Correct but you can make a large contribution this tax year if you want by utilising the carry forward rules ( see post by Dox above)