The amount you can pay into your SIPP and benefit from tax relief, is based on your earnings and how much tax you pay. Generally, you can contribute up to 100 per cent of your earnings, with tax relief applying on contributions of up to £60,000 per tax year.
As of 2023/24 tax year, the annual allowance you can invest is up to £60,000. This annual allowance includes personal contributions, employer contributions and tax relief. The maximum you can invest over your lifetime for most people is £1,073,100.
Clients may find the HMRC pension tax calculator useful, which can be found here.
InvestEngine does not offer tax or Investment advisory services. All clients are reminded to do their own due diligence or seek financial advice before making any investments with us.