I have a question regarding the SIPP that hopefully someone here can answer!
I am a higher rate tax payer and have a workplace pension. Every year I do my self assessment return and claim back an additional 20% tax relief.
With the SIPP it gives me an option to make a contribution. Let’s say I contribute 5k to it on FT. Does this mean that at the end of the year FT will claim and then top it up by 20%? So in effect they add 1k on. In my tax return, I then reference this contribution alongside my workplace one to claim an additional 20% on top?
Final thing … my workplace pension + tax relief + FT contribution + tax relief needs to come under 40k per year?
Thanks to any pension expert in this community that knows the answer to this