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Snoopy22
Posted: 17 February 2025 23:48:43(UTC)
#1

Joined: 11/12/2018(UTC)
Posts: 70
I am in drawdown with ii
In April this year I did a few hours work paye earning £100
I have just been offered some casual days work where I would earn about £1000 before the tax year end
I was going to add £2700 to my sipp to get tax relief
Would I still be allowed to do that?
Thanks
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allocator3844
Posted: 19 February 2025 08:59:23(UTC)
#2

Joined: 27/10/2020(UTC)
Posts: 190

Thanks: 213 times
Was thanked: 280 time(s) in 99 post(s)
My understanding is that you can contribute up to £2880 (grossing up to £3600) irrespective of what you earn. Bear in mind when you take this out you will pay 20% tax on 75% (assuming you take out more than £12570 pa) so this equivalent to a 6.25% immediate bonus + any growth. I am sure somebody will correct me if I am wrong.
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1 user thanked allocator3844 for this post.
Snoopy22 on 20/02/2025(UTC)
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