I will earn over £50k and be claiming child benefit for the first time this tax year (23-24) so have been reading a vast amount of information online to educate myself.
To complicate matters my income is from several sources, but with the teacher pension contributions from my main salary removed my income will be £55k.
This would mean that I will need to pay approx. £600 back for the HICBC.
Am I correct that I would need to put £5000 into a SIPP and this would be topped up to £6250? I then would no longer need to pay the HICBC?
Do I need to pay this money before the tax year ends (5th April 24)
thank you!