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Ha ha.... I feel sure she will not take it personally.
Junior sipp a great idea... Power of compounding and they cannot touch it
Thank you all for your replies, so very informative. Definitely heading towards topping up my present sipp of 330k BMN shares as in only 3 years time it will be accessable.
Knuttie last year I decided to open both a junior SIPP and Junior ISA and buy BMN shares for both my kids ages 12 and 15 however I haven't told them and probably won't until I feel that they are mature enough not to blow the lot in the ISA but great idea of a trust which I'll look into, thanks for that suggestion.
I've had a look on Google and believe it or not paying £20k to Faramog's wife doesn't appear to be the best financial advice!!!
:-)
Pregnant gain..............omg....... that is legal mumbo jumbo........... is that a Boris sort of pregnant gain or a total accident?
No answer needed, I'll go pay a 'financial advisor'.... grrrr...... or just pay the goddam tax, god knows the country will need it!
Cheers for the replies!
There are various tax implications but you need specific tax advice. Bear in mind if you are sitting on a pregnant gain it will be realised if you transfer shares to a trust.
Cheers knuttie, does a trust carry any tax implications? (soz, thats probably 20,000 pages of legal mumbo jumbo!)
In simpleton terms......
I looked at junior ISA’s for my grandkids but decided against it. The funds are automatically their’s at 18 & you have absolutely no control. I decided that was too soon or at least might be so have put shares in trust so I have some control until 25.
Lol, Alfa :-)
What about setting up ISA's for your children?
Are you allowed to do that if they are >18? (and have no ISA of their own?)
ha ha ... I said 'do what I do ...' ... but I like your suggestion better :-)
faramog - I don't think he even knows your wife and probably doesn't want to give her 20 grand a year.
Hello i'm not a financial advisor so you will, ultimately, have to seek advice or research yourself but if I understand correctly thst you wish to create/ add to a (less accessible) pension pot then you might like to consider opening a SIPP (40k limit per yr) ISAs are great for the flexibility they offer (shame abour the annusl 20k limit) but if you are willing to tie up your investment for longer - doesnt matter if you already have a workplace pension - opening a sipp as well as using your isa allowance and doing a bed and sipp (or just selling and rebuying) has good tax advantages - especially if you are a higher rate tax payer. HmRC will gross up a sipp transfer (or cash contribution) by 25 % automatically giving you extra 'free' funds in your Sipp (and as a higher rate tax payer you can claim back more via your tax return). The gross amount per year (your cash contribution or share transfer plus the hmrc contribution just need to be no more than £40k). Hope this helps or at least points you in a possible direction of interest...
true Alfa .. but in 3 years would he have finished transfer for the share account into ISA ....
If really complicated, a good accountant, if not, work it out (as it is straightforward), or get an IFA (fixed fee and not a percentage)
If its not in an ISA then what 'benefit' is transferring to a SIPP ... you are already seeking to move 20K pa to your ISA. The tax advantage of the SIPP is not that great depending on whether you are a high or low rate payer and how long you wish to leave it.
You could do what I do ... move 20K into my wife's ISA (so 40K pa)
somtam - given that at 55 you could withdraw 25% of a SIPP tax free then it would seem that you could take advantage of the ability to put up to 40K per year into a SIPP, unless you're over a million pounds in the SIPP, in which case what on earth are you asking us for - get a good accountant !
Good evening
I was wondering is anyone could shed some light on paying into a pension over a fund and share account?
I have always taken the approach that if you pay into a fund and share account (assuming that you have maxed your ISA for that year) then you can once the new tax year starts transfer your annual allowance of £20k
However let's say for example you have a substantial amount of £100k in your fund and share account (which I don't but just to simplify the example) then with the expected growth here you are never going to be able to transfer most of the money to your ISA as BMN share price increases.
At 52 I am looking at the benefits of moving that money over to increase my pension fund over leaving it in a fund and share account.
I know advice Gant be given here but would be really appreciative of your thoughts on this.
Tank you do much in advance
GLA