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How much to pay in for £60K max contribution this year

secondincometrader · 2024-10-06 08:51:16

I want to make the max contribution for this year of £60K into my SIPP. Does that mean I pay in £48K and my SIPP provider adds the £20% tax contribution of £12K (20% of £60K). I can then claim back any addittional tax relief later. Have I understood this correctly? Thanks in advance

Comments

SacredStephan Posts: 221 Forumite

8 October 2024 at 10:36AM

To the OP, be aware that if a sole trader wishes to make a pension contribution of £60K, it must be made in the same accounting year (typically the same tax year) as the £60K+ taxable profit is earned.

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