Hi,
I hope someone can shed light on this.
Say I am a basic rate taxpayer with earnings of £20,000. I then reduce my income tax to the point where I do not have any liability, through investing in EIS, VCTs etc. Say in the same year I have a large capital gain of £30,000. So I have capital gains tax to pay. In the same year if I make use of gift aid, the credit claimed by the charity can go against income tax or cgt.
The question I have is, if I make a pension contribution of say £5,000 (so over £2880) to my SIPP pension, will this full amount be due the standard tax credit of £1250 (25%)? Ultimately tax has been paid, just not income tax. I have been searching high and low but can find a clear answer. Really appreciate your help here. Thanks!
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