What is a SIPP?
A Self-Invested Personal Pension (SIPP) is an investment account that allow UK tax residents to save money for their retirement.
What are the tax benefits regarding SIPPs?
Depending on your personal situation, contributions to a SIPP are subject to a maximum 45% tax relief. Your investment grow free of income and capital gains taxes and when you retire, withdrawals are also subject to a maximum 25% tax relief.
What is the annual allowance?
The annual allowance for the 2018-19 tax year is usually £40,000.
Is there a lifetime allowance?
The current legislation sets a lifetime allowance of £1,030,000.
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