- April 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Current tax situation and pension contribution
The current taxable income stands at £115,000 after the deduction of the DB pension contribution. In this scenario, it is important to note that exceeding the pension allowance is unlikely. To bring the taxable income below £100,000, the individual needs to consider making additional contributions to a SIPP.
### How much money to contribute to a SIPP
To effectively reduce the taxable income below the £100,000 threshold, a calculation needs to be made regarding the precise amount required to be contributed to the SIPP. This calculation should take into account the current taxable income, the amount of the DB pension contribution, and the desired new taxable income level.
## Understanding tax benefits for SIPPs
The individual expresses uncertainty regarding the tax benefits associated with SIPPs. While it is understood that a certain amount is paid into the SIPP and the government tops up by 20%, there is confusion about how the remaining tax relief is obtained. Questions arise about the process of deducting tax relief from the tax bill after the completion of self-assessment.
### The role of AI Legalese Decoder
In this situation, the AI Legalese Decoder can play a crucial role in clarifying the complex legal and financial jargon surrounding pension contributions and tax benefits. By inputting relevant information and queries into the decoder, the individual can receive clear and concise explanations regarding the workings of SIPPs, tax relief mechanisms, and the overall impact on taxable income. The decoder can provide simplified breakdowns of the process, calculations, and potential strategies for optimizing tax benefits through SIPP contributions.
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****** just grabbed a
you need 15k to get below 100k, so you want to do 12k into a SIPP, which the government tops up to give you that 15k. thats the adjusted figure to get you under 100k. Separately you do a Self Assessment to get the additional 20% relief paid back to you in the next tax year (so its really cost you 9k net overall)
Hi /u/HappyDrive1, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/pensions/
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