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Pension recycling rules
kronos
Posts: 51 Forumite
I received the following tfls this tax year
From dc 35k
From DB 6.5k and 15K
I stopped working and stopped contributing to any pension 5years ago
If i open a sipp and contribute 2.88k/pa will i fall foul of recycling rules?
Thank you
Thank you
0
Comments
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Recycling is not an issue here.1
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Your contribution of £3,600 is less than 30% of the tax-free cash received, so does not fall foul of the recycling rules.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0
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...and even if it had been more than 30% of the tax-free cash received, you'd still be OK. Anyone under 75 can contribute £3,600 gross (£2,880 net) and get tax relief on their contribution without the risk of being accused of recycling.HappyHarry said:Your contribution of £3,600 is less than 30% of the tax-free cash received, so does not fall foul of the recycling rules.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!3
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