During the period April 2015 - April 2016 I made a contribution of £80,000 to my SIPP. After the year end I received a letter from my SIPP provider telling me that as this had been made let on in the year, I only had an allowance of £40,000 and that helf the contribution was therefore in excess over my allowance.
I have a couple of questions: First, should I be entitled to repayment of the excess element where the payment was made in error ?
Second, and assuming not I have been completing my Self Assessment return and notice that there is a box "Amount saved towards your pension in excess of the Annual Allowance". I have assumed that I should include the excess £40,000 in this box and have done so (but not yet submitted the return). However, looking at the detailed tax calculation this item does not seem to have affected the amount owed, and I have still been given credit for the full £40,000 of my allowance. The excess payment therefore seems to have been tax neural. Is that correct ?
I have no idea whether it makes any difference, but I also took my 25% lump sum tax free entitlement (possibly wrongly calcualted if the full £80,000 should not have been in the SIPP ??) - but that is probably another story) during that year. From what I can see I do NOT need to enter this fact anywhere on the return (assuming I did not withdraw more than the 25% that I was entitled to). Is that correct ?
Any help very gratefully appreciated !!
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