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Using Sipp to Get Tax advantage
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chris107
Posts: 15 Forumite
If I pay £2880 into a Sipp will it bring me below the 40% tax threshold and also allow me to utilise the full £1000 savings tax allowance?
My income is from pension (I'm 67) and rental only. I am £1400 above the 40% threshold and have over £1000 savings interest.
Thanks for any advice.
My income is from pension (I'm 67) and rental only. I am £1400 above the 40% threshold and have over £1000 savings interest.
Thanks for any advice.
0
Comments
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Paying £3600 gross into a SIPP will increase your BR tax band by £3600.
Assuming you are on a standard personal allowance this will make the BR band cover income up to £53,870 before HR tax kicks in.
Looks like you are OK from the figures you quoted.2
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