SIPP Contributions

[PurpleFox]

Noob question - if I started a SIPP, and assuming I could add funds, are my assumptions below correct:

- Max contributions 100% of salary or £40k per year
- 40% tax payer, if I add £10k:
- Government adds £2,500 (20%)
- Tax Claim back £2,500 (20%)


How and when do I get the tax back - is it calculated on tax return?

Also how / when do the 'government' pay their share.

Thanks in advance.

[btdk5]

20% normally added by the SIPP provider.
20% needs to be claimed on self assessment.

[PurpleFox]

Thanks

[rustyuk]

20% of 10k is 2k

[supersport]

rustyuk said:

20% of 10k is 2k

It’s 20% of the gross amount so 20% of £12500 which is £2500.