Hi,
Nothing came up in my search for this subject here, although I expect it has been covered before.
In order to claim tax relief on contributions to a sipp that are over £10,000 in one lump, it seems I have to write to HMRC to claim it myself, instead of IE doing it for me. I have asked for clarification on that from IE, but they ‘aren’t an advisory service’; apparently not even advising on their own products or services…
So I may have to give proof of the details of the pension scheme to HMRC, including transactions, dates, times, amounts etc.
IE has various types of PDF ‘reports’ that I can generate, which one has anyone successfully used to get a tax rebate from HMRC in these circumstances?
Thanks,
M
Hello M, we’re sorry to hear you weren’t provided with this information. If you download a cash statement for your SIPP portfolio, it will provide you with your contributions. You can also select the time period in which you would like the statement to cover, in case you need it for a specific tax year. Please get back in touch if you have any further questions.
Thanks, but I was hoping to hear from someone who has actually submitted such a report, so I can be sure it’s what they want, as I expect that HMRC are unlikely to be familiar enough with IE specifically to be able to advise me.
Hi @Modigliani, I passed this on to our pensions team to see if they had some advice. I understand you’re looking for someone that has gone through this process, and hopefully someone will be able to chime in. But just in case it’s useful, and for anyone searching for this topic looking for answers, here’s what they said:
The InvestEngine Personal Pension operates under relief at source. This means that for every pension contribution we receive our pension provider claims tax relief from HM Revenue and Customs (HMRC) at the basic 20% rate. This process takes between six and eleven weeks but once the funds are received we add this directly to your InvestEngine Personal Pension.
For example, you pay us a contribution of £80 and we claim relief of £20 from HMRC (this being 20% of the gross contribution of £100).
If you are resident in England or Wales you can claim additional tax relief for money you put into relief at source pensions of:
20% up to the amount of any income you have paid 40% tax on 25% up to the amount of any income you have paid 45% tax on
If you are resident in Scotland you can claim additional tax relief for money you put into a private pension of:
1% up to the amount of any income you have paid 21% tax on 22% up to the amount of any income you have paid 42% tax on 25% up to the amount of any income you have paid 45% tax on 28% up to the amount of any income you have paid 48% tax on
If you already submit a Self Assessment tax return then you should claim the additional tax relief through this return. If you are using this process then there is no immediate need to submit any form of evidence. HMRC receive reports from pension providers which will allow them to verify your claim.
If you do not submit a Self Assessment tax return then you should call or write to HMRC to claim the additional relief. The details of how to contact them are shown in this link:
Income Tax: general enquiries - GOV.UK.
If the additional relief claim is in excess of £10,000 then the claim must be made in writing and you should enclose a copy of an account overview statement from your InvestEngine Personal Pension. We would recommend highlighting the contributions paid and their respective reclaims.
I guess that answers the question, thanks fionagraham.
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Glad we could help @Modigliani - if you have any other questions just shout!
Okay, it’s not working.
The account overview doesn’t include details of contributions.
Any other suggestions?
I am a bit surprised your team didn’t know this wasn’t the right report.
The trading statement doesn’t include this information either
Hi there, we’re sorry you’re unable to generate the report you need. Please drop us an email or you can send your IC number to me in a DM and we will arrange to have a report sent to you by the team.
Ok, ta. How do I I DM you?
Hi @Modigliani if you click on @DeeFunds name above you should see her profile and an option to send her a message.
The team also passed on this extra information for reference: Contributions paid to the SIPP cash account can be listed via the transactions tab. If you filter by “Top ups” you will get a list of them. If you have moved cash into the SIPP from another InvestEngine account, e.g. your GIA, then you can filter by “Portfolio Transfers” to see the payments go into the SIPP and then filter by “Tops ups” to see your reclaim payments.
Found Dee’s profile, but there’s no option to DM. There’s Stats, Top Replies, Top Topics, Top Links, Most Replied To, Most Liked By, Most Liked, Top Categories, Top Badges, but nothing to send a direct message.
Can you send an email to support@investengine.com - our customer service team are aware of the thread and expecting you to get in touch - it’s the most direct way to do it, and then @DeeFunds will be able to sort your report out if need be.
I sent an email, detailing the exact problem, and got a response which was not helpful.
No, I can’t download a CTC or CGT report; regardless of what time period I choose, I get the message ‘Report can’t be generated. You held no taxable portfolios during this reporting period’.
It’s a sipp account, I know its not taxable, - does your team not know that it’s not taxable? I’m not sure such a report would detail contribution amounts, dates and tax status anyway.
I get the impression that the responder either didn’t properly read,/was unable to understand what was being asked. I’m no closer to getting what I need to show HMRC.
Why is this so difficult?
HI! I’m sorry to hear you’ve been having trouble with generating the reports.
I can see that our support team has already responded to your inquiry. Please check your inbox for their email, as they may have provided further clarification regarding the report.
I think they may have now provided me with the information I need. It seems a silly formality for me to have to send on a report generated by my pension provider, rather then doing it myself, but there. Thanks for not giving up!
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So glad we were able to help @Modigliani - hopefully we got there in the end. We’re reviewing the process on our end also. Let us know how you got on!