Paid too much into SIPP...

dombarker75

Malthusian said:

dombarker75 said:

A rather silly error by me that is going to 'cost' me a 5k ish in lost tax relief (i.e. I could have dripped the 40k in over the next 4 years)

You haven't lost anything. Assuming you get a refund, as per DT2001 you can then pay in what you were actually allowed to pay in, and you will get all the tax relief there is to get.
Let's say I see a sign saying "Buy One Doughnut Get One Free", don't see the small print saying "Max 6 per customer", bring 12 doughnuts to the checkout, and then have to leave six behind - I haven't lost three free doughnuts. You can't lose something that never existed.

Yeah I see that I haven't lost anything if I can get a refund. It was if I couldn't get a refund and had to pay the annual allowance charge where I'd have lost out.

dombarker75

Just for the information of anyone else in the same predicament...

Called my SIPP provider and they reassured me it happens all the time.

I need to provide them with a P60 at the end of this tax year, they'll then refund the excess contributions to me and refund the excess tax relief to HMRC on my behalf. In the meantime the whole contribution remains invested.

Very neat and easy as most of you suggested.