GoSeigen wrote:runnygum wrote:Its not huge, but you can ALWAYS pay £2880 into a pension and get it topped up to £3600 pounds even if you have paid zero tax. This is an allowance by HMRC for those who are unemployed. Work part time etc. But its there to be used.
https://www.gov.uk/tax-on-your-private- ... tax-relief
runnygum, ashamed to say I have never looked into this. Would this apply to payments into a SIPP too? If so can both adults and children have SIPPs?
Is income inside of ISA's relevent to the £2880 allowance?
Sorry for the dumb questions.
GS
Definitely applies to SIPP and definitely both children and adults can use this. It's specifically for non earners. I think you can probably (but check) put in three year's worth if you had no earnings in those years and haven't made any other pensions contributions - if you had earnings, you can put in all your earnings up to £40k pa (and use up to three past years' allowances of £40k).
I don't understand the ISA income question though. I don't think ISA income counts as income for pensionable income purposes if that is what you mean.
The OP might have done better to have paid into a pension from the company directly but if the business is sold, that can't happen now.
Mel