Paying into your SIPP?
If you are paying into your SIPP, following guidance from HMRC we will continue to claim basic rate tax relief of 20% on your behalf on your personal contributions. This tax relief is paid in to your SIPP.
Where you pay Income Tax at the Scottish starter rate of 19%, you will not be asked to repay the difference. There is no action you need to take.
Where you pay Income Tax at the Scottish intermediate, higher or top rates you can claim extra tax relief through your self-assessment tax return, if you submit one, or by contacting HMRC if you don’t. Tax relief claimed this way is not paid in to your SIPP. You’ll either get it through an adjustment to your tax code or through a tax rebate from HMRC. This is how it is currently administered for those paying tax at the higher and top rates.
Taking money out of your SIPP?
If you are taking income from your SIPP we will continue to collect any Income Tax you are due from your income before we pay it out to you, based on your tax code.
From 6 April we will continue to do this at the new Scottish rates. Other than being aware that the new rates will apply, there is no action you need to take.