RE: Sell to re buy3 Oct 2020 10:25
SomewhatGullible said:
"Regardless of net relevant earnings (or none at all), a taxpayer can pay up to £2,880pa into a pension and HMRC will top up by a further £720 (making £3,600 into the pension regardless of earnings status)"
Can I endorse that? This is an excellent scheme and not exactly well broadcast by the gov. You can do this up to the age of 75 and it's precisely what I am currently doing as an older non-earner.
The great thing is that the state pension is around £9,100 per year. Say the tax payer puts in £2880 and is given a further £720, should they take back all but £200 of this in the same tax year, they reach a tax free yearly income of £12,500; the current personal allowance.
It's a way of getting £720 per year tax free from the gov. and if you know of any older relatives or friends who could benefit, let them know!
I intended living in this frugal style had my last ditch stand with GGP fallen!