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Hi LoveGolf.
Your ok. I am doing the same as you. Am transferring one of my smaller old work pensions which is with Aviva to my SIPP with H&L too. Your profit of 70K is fine as money/profits in SIPPs grow free from Income Tax and Capital Gains Tax as long as the money is within your SIPP Account. So no tax to pay. Obviously when you do a drawdown of the SIPP when you retire, you will need financial advice to ensure that you don't draw too much from your SIPP, so that with your state pension and other sources of income you don't get taxed at the higher bracket or lower if you want to live with a small pension. So don't worry, you have done brilliantly and well done to you
stevebt,
Thanks for help today, I will be looking at what "Capital gain allowance" especially if I get dividends in the futures. :)
Think your OK picking your own investments in your pension that way, just usually when some one takes a big profit the government likes their share as well.
stevebt, I am wondering because it the way worded it was 71K profit, this what I gained from CARD FACTORY. Which is still within the Drawdown pension & SIPP i have.
Sorry if I have not explained myself clearly.
Roxbuyhouse, yup your right, just been on gov Web site and its 10% tax up to £37500 profit then it goes to 20% on any profits above that figure.
Stevebt,
All I have done move my pension to HL, in a Drawdown & SIPP. It just the pension pot is building up, would not expect to pay tax on money I have not taken out. I did not pay any taxes when it was with Standard Life, only when I took £9,000 and taxed 20%
It seem I need to talk to a Financial Advisor
I thought CGT was 36%. if its only 10% I will be less bothered when I come to sell some of my other stocks.
£21k? CGT is 10% so less than £6k surely?
I don't know how your pension works along with shares but I do know a £71k in profit means your going to pay capitals tax on £58700. so make sure you keep about £21k for tax
Stevebt,
The 71K profit is part of my Drawdown pension & SIPP, which I have not taken anything out.
js88/stevebt
Once I stop working, just example so get understanding how Capital gain allowance working.
State pension £9,109.36
Basic personal Allowance 1250L
Capital gain £16,000, Capital gain allowance £12,300
Private Pension £10,000 per year (will be taxed at 20%)
Are say £9,109.36 + £10,000 + £3,700 = £22,809.36
20% tax on £22,809.36 = £4561.87
£22,809.36-£4561.87 = £18,247.49
£18,247.49 + £12,300 = £30,547.49 (Would this be money that I could have for that year)
Lovegolf, capital gains tax is about 36% of your profits above your tax free allowance so you have a big tax bill on that money. Dividend tax is only 7.5% as long as your not a High rate tax payer so the dividends would make your life a bit more comfortable and you would still have the shares to sell at your tax allowance each year if thats what you chose to do.
share ISA is tax free though i flopped this year so it wont be an issue with me either way
£12300 is tax free, so anything above that would be taxable.
stevebt, sorry did not know what capital gain allowance is, and how this is used. Only 3 month ago, tried investing myself.
Please could you explain to me how capital gain allowance work.? Are you also saying if I earned £16000 from dividend, and used the capital gain allowance £12300. I would only need to pay tax on £3700?
Lovegolf, if this money was for your pension you would of been better off just taking your capital gain allowance out as this will rise slot more within a couple of years and if they return the dividend in say two years time, that money alone would be a cracking pension a year for you.
LG absolutely fantastic! I don't blame you, if i was clearing 70k profit I'd be cashing out too.
Hi js88,
I had a company pension which over the years has not gone up much with the fund the company invested . So I decided to transfer my pension from Standard Life to HL . So coming up to retirement in 7 yeas time. I actually made 70% profit of what I had invested. It was a risk, but did a lot of reading up before investing in CARD FACTORY.
Were you investing over 100k a pop?
I said I would keep it long term, but lost my bottle also I brought in at 35 & then sold 42, then brought back in 49 then sold 66.
The reason I sold 66, I have made overall profit 71K. So really happy, I thought might go down. But as we know it has gone 72p and now expect to climb further tomorrow, with Spring budget.
I expect I will re-invest once the refinance is completed.
Wish everyone well :)
Your not the only one mate.
I'm way to cautious to risk it lol.
Never a bad thing to take a 100% rise in a few weeks! I'm guessing the index funds will have to start buying it this creeps into the 350 or whatever just as the price tanked when it dropped out. Any shorts obviously badly burned too. I only wish I hadn't sold 10% of my holding at very low profits!
Lost my bottle and sold at 68.14, doubling investment. May well regret it tomorrow. Good luck to those who have the nerve to hang on :)