I understand that contributions which are not eligible for UK pension relief at source tax relief cannot be paid into this pension plan.
At any time contributions are paid to my Freetrade SIPP on which tax relief is sought, I declare that:
a) I am under age 75 and am a relevant UK individual (see Note 1, below).
b) The total of the contributions paid (see Note 2, below) to this Scheme and to other registered pension schemes, in respect of which I am entitled to tax relief, under section 188 of Finance Act 2004, will not exceed, in any tax year, the higher of:
c) The declaration in b) is correct, to the best of my knowledge and belief.
d) I will give notice to Freetrade if an event occurs, as a result of which I will no longer be entitled to relief on contributions, under section 188 of Finance Act 2004 for example, I cease to be a relevant UK individual (see Note 1, below).
I will give this notice by the later of:
I understand and acknowledge that if I have Enhanced or Fixed Lifetime Allowance protection this will be lost if a contribution is made to this pension plan or any other pension plan and it is my responsibility if this occurs.
I understand and acknowledge that once contributions have been received into my pension plan, they cannot generally be refunded other than as an Excess Contribution Lump Sum Payment or I cancel my pension plan within the 30 day cancellation period.
You are a relevant UK individual for a given tax year if you:
If you fall within category b), c) or d) above and you do not have relevant UK earnings, the maximum member contribution is the basic amount (see Note 3, below).
This means the total gross contributions that you make each tax year to all the registered pension schemes of which you are a member. In the case of contributions to a relief at source scheme such as this pension plan, it means the full contributions, that is, the net contributions plus the amount of tax relief we collect from HMRC and add to the pension plan.
The basic amount is currently £3,600 (including tax relief) and has remained at that amount since 2006. It may be changed by legislation in the future.
As a general rule most income that is earned and assessable for income tax in the UK counts as relevant UK earnings.
Income that generally does not count includes:
Examples of earnings that count as relevant UK earnings can be found on the HMRC website here: https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm044100#earnings.
A summary of some types of relevant earnings is provided below:
The above is not a complete list of relevant earnings. As you must declare that your contributions in excess of the basic amount will not exceed your relevant UK earnings in any given tax year, if you are in any doubt as to whether earnings, on which you are reliant to justify the amount of contribution being paid, are relevant UK earnings, then you should seek professional advice.