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Where Taxpayers and Advisers Meet

Tax relief claim via Self Assessment

Jupiter01
Posts:60
Joined:Tue Jul 11, 2023 8:11 pm
Tax relief claim via Self Assessment

Postby Jupiter01 » Tue Apr 02, 2024 10:35 am

I've made a large contribution into my SIPP last year, for the first time. I am a higher rate tax payer and claim the additional tax relief via self-assessment.
The contributions last year mean that I am owed around £20k when I submit the tax return for YE 2025.

- Will I receive this as a credit to my bank account?
- If I submit my return early. Let's say June 2024. When can I expect this credit?

I am trying to understand this so that I can plan the next set of pension contributions.

Thanks in advance.

bd6759
Posts:4298
Joined:Sat Feb 01, 2014 3:26 pm

Re: Tax relief claim via Self Assessment

Postby bd6759 » Tue Apr 02, 2024 2:28 pm

Presume you mean your return for 2024.

Repayments are usually processed immediately and received within days. Some take longer.

Jupiter01
Posts:60
Joined:Tue Jul 11, 2023 8:11 pm

Re: Tax relief claim via Self Assessment

Postby Jupiter01 » Tue Apr 02, 2024 2:37 pm

Yes, apologies. I did mean YE 2024.
Will this definitely be a credit to my bank or could it be some sort of adjustment to the tax code? I would definitely prefer the credit as I can then reinvest this into my pension for YE 2025.

bd6759
Posts:4298
Joined:Sat Feb 01, 2014 3:26 pm

Re: Tax relief claim via Self Assessment

Postby bd6759 » Tue Apr 02, 2024 8:51 pm

By repayment. Enter your bank details in your return for BACS repayment.

D&C
Posts:168
Joined:Mon Nov 25, 2019 11:35 pm

Re: Tax relief claim via Self Assessment

Postby D&C » Tue Apr 02, 2024 9:45 pm

Will this definitely be a credit to my bank or could it be some sort of adjustment to the tax code?
HMRC never give tax relief for pension contributions made in one tax year via the tax code of a different tax year.

They may assume you will make the same contributions again in 2024-25 and give some provisional relief for 2024-25 via your 2024-25 tax code but that is not giving any relief due for 2023-24.

You can also avoid that by how you answer a question near the end of your return about keeping your tax code up to date.


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