Hi All, as now in first year of early retirement, I am not expecting any earnings from this tax year. Can someone confirm my understanding?
Can contribute £2880 (£3600 gross)?
Can pay in either lump sum or monthly - could pay all now?
Relevant earnings exclude dividends and capital gains outside of an ISA?
Mrs A has some income, so usual rules, contributions can be up to relevant earnings.
Thanks, Adam
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Sipp contribution - no earnings
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- Lemon Quarter
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Re: Sipp contribution - no earnings
£2880 possible now in a lump sum, "earnings" mean money from work, not interest, capital gains, pensions, dividends, gifts, wins on the horses etc.
Money will be credited to your account in 6 weeks ish, so you might end up with 2 trades, 12 trades for a monthly contribution seems a lot of work.
I did mine yesterday!
Money will be credited to your account in 6 weeks ish, so you might end up with 2 trades, 12 trades for a monthly contribution seems a lot of work.
I did mine yesterday!
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- Lemon Half
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Re: Sipp contribution - no earnings
Yes, my wife and I did our £2880 contributions on 6th April. At AJBell Youinvest it needs to be in by about the 2nd of the month to get tax relief the following month, so the start of the tax year misses that. The £720 relief will be credited around 22nd June.
Scott.
Scott.
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- Lemon Quarter
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Re: Sipp contribution - no earnings
JohnB wrote:£2880 possible now in a lump sum, "earnings" mean money from work, not interest, capital gains, pensions, dividends, gifts, wins on the horses etc.
Can SIPP contributions come from profits from rental income?
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- Lemon Half
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Re: Sipp contribution - no earnings
Amaryllis wrote:JohnB wrote:£2880 possible now in a lump sum, "earnings" mean money from work, not interest, capital gains, pensions, dividends, gifts, wins on the horses etc.
Can SIPP contributions come from profits from rental income?
See:
https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm044100#earnings
Noting the section on furnished holiday lettings business in case of relevance.
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- Lemon Quarter
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Re: Sipp contribution - no earnings
Helping people until the very end. RIP PD and thank you.PinkDalek wrote:See:
https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm044100#earnings
Noting the section on furnished holiday lettings business in case of relevance.
Chris
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