Is SIPP loophoole still available?

QrizB

hogweed said:

But maybe you can see how it looked that way to me, with my otherwise-zero income... I put £13k in, and got £16k back out more or less straight away - I just couldn't remember why

You must have had £16k of earned income that year!

And hopefully you've been doing the same with £2880 every year since, assuming you're still under 75?

hogweed

QrizB said:

hogweed said:

But maybe you can see how it looked that way to me, with my otherwise-zero income... I put £13k in, and got £16k back out more or less straight away - I just couldn't remember why

You must have had £16k of earned income that year!

And hopefully you've been doing the same with £2880 every year since, assuming you're still under 75?

Well, as far  as I can remember, I put the money in in 2017, when I did earn £16k or so - then became unemployed, and withdrew the money in 2018/2019, in which year I had no other income but savings. I had no earnings for a couple of years, so presumably couldn't contribute to any kind of pension?

Then my private pension kicked in, so it was all over, kind of thing...

QrizB

hogweed said:

QrizB said:

hogweed said:

But maybe you can see how it looked that way to me, with my otherwise-zero income... I put £13k in, and got £16k back out more or less straight away - I just couldn't remember why

You must have had £16k of earned income that year!

And hopefully you've been doing the same with £2880 every year since, assuming you're still under 75?

Well, as far  as I can remember, I put the money in in 2017, when I did earn £16k or so - then became unemployed, and withdrew the money in 2018/2019, in which year I had no other income but savings. I had no earnings for a couple of years, so presumably couldn't contribute to any kind of pension?

Then my private pension kicked in, so it was all over, kind of thing...

As I understand it, so long as you're under 75 you can pay £2880 into a pension each tax year and get £3600 back. Of that £600, £900 will be tax-free and the other £2700 will be taxed at your marginal rate.