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Sipp and tax relief
seanatlilac
Posts: 14 Forumite
I undertand that contributions to a sipp receive automatic tax of 22% but 40% taxpayers have to claim the remaining 18% back. I do not currently fill in a tax return form, if I contributed to a SIPP now how and when would I get the money back, also is it via tax code?
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Comments
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You'll have to fill in a tax return to claim it back ( not as difficult as it looks).
Trying to keep it simple...
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there is a box on the tax return to input your pension contributions. It is as simple as that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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there is a box on the tax return to input your pension contributions. It is as simple as that.
TY - If I applied for a SIPP today, I would need to complete a tax return to claim the 18% relief back for this tax year? would the tax office send me a cheque or would they adjust my tax code next year?0 -
seanatlilac wrote: »TY - If I applied for a SIPP today, I would need to complete a tax return to claim the 18% relief back for this tax year?
Yes you would. Although if this is the only reason for completing a tax return, it may not be necessary. Phone HMRC and tell them about the pension contribution and see what they want you to do.would the tax office send me a cheque or would they adjust my tax code next year?
They could do either. It's up to you to request which one you want.0
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