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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5020
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Gross interest received into my sip and rental income, is

Resolved Question:

hi, gross interest received into my sip and rental income, is that classed as me making a pension contribution into the scheme. Thanks
Assistant: Thank you. Can you provide any more details to help us find you the right Expert?
Customer: Just looking at my sip statement which has my contributions during the year gross interest received I presume from monies the fund has held and rental income from the property that it holds. Thanks
Submitted: 10 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 10 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your question.

Contributions you make into the SIP are what you would actually put in on regular basis.

You have a statement of account which should show your contributions and also any returns/growth on monies invested.

The gross interest and rental income is not classed as you making a pension contribution into the scheme.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 10 months ago.
Hello
I am currently completing my tax return and I need to know the figure to put in box 1 on page tr4. I have just looked at my Sipp statement and summarised it as follows I want to know what can I claim as my pension contribution.
Payments 40000
monthly payments 12*100=1200
Tax credit 12*25=300
Gross interest received 7.99
Income from property £7723.69
Property expenses £1801.14
Sundry purchase £800
Sipp provider fee 946.5.
So is it 40k+1500+gross interest+net property income I put in?
Customer: replied 10 months ago.
ok so £40k + £1500 then
Expert:  taxadvisor.uk replied 10 months ago.

Thank you for your reply.

Please clarify if it is the fund that has received rental income and gross interest or is it personal

Many thanks

Expert:  taxadvisor.uk replied 10 months ago.

From 6 April 2014 the annual allowance for tax relief on pension savings in a registered pension scheme was reduced to £40,000. This includes contributions made by anyone else into your pension such as your employer. If your pension savings exceed this amount you may have to pay a tax charge and give details of this on a Self Assessment tax return.

I hope this is helpful

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