How the Sipps tax rebates work

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This topic contains 2 replies, has 1 voice, and was last updated by  ian 3 years, 11 months ago.

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  • #1018 Reply

    ian

    Is some of this gobbledegook?

    I thought the £80k was ‘grossed up’ to £100k by the taxman, but it says here this is then ‘grossed up’ further still to £133k!

    Sounds ridiculous! Is the article wrong? If not can someone explain how the £100k in your SIPP (after the taxman has added £20K) magically then becomes £133k.

    The article already says a higher rate taxpayer can claim a further £20k relief, but this comes off his tax bill and is not added to his pension pot (…and is in any event £20k, not £33k).

    Can someone please clarify!

  • #1019 Reply

    Don

    Hi Ian

    Where are you getting those figures from?

  • #1020 Reply

    ian

    From this website…

    How the SIPPS tax rebates work.
    is the title of the page
    https://pensionsorter.co.uk/sipps-pension-tax-details/

    Looks wrong to me!
    Ian.

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