Carry Forward Query

Dazed_and_C0nfused

McGim said:

Dazed_and_C0nfused said:

To add £125k (gross) to a SIPP isn't just about having the (net) funds available and carry forward.

How much do you expect to earn in the current tax year?

Have you read up o the annual allowance rules and earnings restrictions?
I expect to earn between £200k and £300k depending on performance.

I think this answers my questions that it isnt as simple as first thought and the £2k is maybe worth spending

Actually contributing is that simple.  The problem is you haven't said anything whatsoever to indicate you are eligible to contribute £125k (gross).

You may well be but with the absence of information about your earnings it's all guesswork.

Plenty of previous posters have thought they could contribute a lot using carry forward then it turns out they only actually earn say £20k.

Where your £2k might be better spent is advice on how to invest the funds, not sorting out what you can contribute.  That is nearly always sorted on here once people stop being so circumspect about their earnings.

dunstonh

QrizB said:

McGim said:

Dazed_and_C0nfused said:

To add £125k (gross) to a SIPP isn't just about having the (net) funds available and carry forward.

How much do you expect to earn in the current tax year?

Have you read up o the annual allowance rules and earnings restrictions?
I expect to earn between £200k and £300k depending on performance.

I think this answers my questions that it isnt as simple as first thought and the £2k is maybe worth spending

TBH if you're earning £2-300k pa and are only making £8k pension payments, advice will be well worth it.

Especially as that income level could lead to tapering.  However, as it takes no effort then there is no need to find out

Albermarle

McGim said:

Dazed_and_C0nfused said:

To add £125k (gross) to a SIPP isn't just about having the (net) funds available and carry forward.

How much do you expect to earn in the current tax year?

Have you read up o the annual allowance rules and earnings restrictions?
I expect to earn between £200k and £300k depending on performance.

I think this answers my questions that it isnt as simple as first thought and the £2k is maybe worth spending

D&C - the OP stated their earnings , but easy to miss as they inserted it within your requoted post .

MallyGirl

Easily missed in that scenario:

"How much do you expect to earn in the current tax year?
Have you read up o the annual allowance rules and earnings restrictions?"

got the response:
I expect to earn between £200k and £300k depending on performance.

Scrudgy

If you earn between £200 and £300k, then you will be in the personal allowance pension tapering range.

Read https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/tapered-annual-allowance/