2014/15 Tax return and SIPP

2014/15 Tax return and SIPP

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Discussion

onedsla

Original Poster:

1,114 posts

257 months

Monday 6th July 2015
quotequote all
Hi All,
Hopefully a quick one. I've filled out (but not yet submitted) my fairly simple tax return and it turns out that I need to contribute a further £900 to the deficit.

I had made pension contributions which were processed via PAYE and taken into account for the above.

From playing with the return, I find that had I invested £3k into a SIPP, I'd owe nothing (higher rate tax payer).

Question: Did I have to invest that £3k during last tax year, or can I do anything now to reduce the 2014/15 tax bill?
Many thanks!

sumo69

2,164 posts

221 months

Monday 6th July 2015
quotequote all
Pension contribution must be PAID in the tax year that you want any tax relief.

David

onedsla

Original Poster:

1,114 posts

257 months

Monday 6th July 2015
quotequote all
Thanks - thought that was the case but nice to have confirmation.

Guess I cough up now and plot revenge for next year.