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Pogo001, you seem to have a very large holding in ITV and a very big Divi payment coming. Could I ask how do you hold so many shares , I take it there not in an IAS as you can only out in £20k 's worth each year and Such a large Divi meas a very large tax bill.
Are you living / trading outside the UK and outside the UK tax laws . ?
Sorry 2 slips of the b** finger there
Jedclampit
Two accounts - ISA & Share Dealing, since last 6 years I paid each year full £20k free amount on my ISA account. ISA as a long term investment - not any stupid games on day time corrections - just buy and wait for your price. Maximum 2 different shares, but when you can see "a joker" all money in this shares. I always reinvesting my dividends in the term up to 3 working days after payment.
Share Dealing Account - as a same long term investment but together with always extra money for small speculation (only on the shares with good daily liquidity to invest up to £10k). At the moment not time for speculation. Everything invested in ITV shares.
I have nice job. Nothing special but that is very important when you invest your money at stock exchange. It's give me stabilization in my day to day life payments and it does not force me to close positions in shares "because any payments should have been done", which often generates losses. I am on the market lots of years, made and lost huge money when I was young. Now with good experience and knowledge just I am working on my privar retirement fund :) , independent of what I earn in my regular job.
Jedclampit
I am not worried about tax. Always be happy to paid it, as it means that I made a good money in the tax year.
You always be able to cut part of your tax by voluntary payments on your Pension Fund. As I remember it is up to £50k this year. All depends private calculation. My Pension Fund in last 10 years made profits over inflation. That means it is not so bad and not aggressive investment (if you have worse year and you over 55 -you are able to withdraw part of this money).
Well done Pogo, it look's like you have made some good moves over the years and you should have a happy retirement where you can travel and do what you want which is what it's all about.
Keep up the money making !!!!!
Pogo, Myself I retired in my 50's some 20 years ago with No Debts etc and make enough each year for holidays and fun.
I have cash ISA'a but no share ISA as you can't have both, well you can this year.
I don't like ISA 's anyway, they are good for free interest (no tax) but everything else in my life is shared (bank accounts, savings ,Home etc) so if one partner dies you can carry on regardless but with as IAS it's individual so you can't get your hands on the other persons money without going to probate etc.
But good luck to you, we have to do what we do.!!!
Are jed and pogo multiple account holders ? All in good faith.
No multiple accounts for me. !!!!!
Jed - similar situation here - but … actively selling down ISAs and transferring funds into my SIPP.
I benefit from basic rate tax relief topup going into SIPP, claiming back higher rate tax relief in my SATR and it also removes the funds from my inheritable estate valuation.
These things together are the main tax breaks when approaching retirement.
Jedclampit
Don't try to discuss with trolls. Not make any sense.
Pogo. Taken like a true gent.......
And example for anyone not understanding...
I take £20,000 out of my ISA
I put £20,000 into my SIPP.
Shortly after my broker adds £5,000 basic rate tax relief into my SIPP.
I now have £25,000 to invest.
When I file my next self assessment tax return I claim higher rate tax relief and receive a tax refund of £5,000.
So the 20k i sent to my SIPP in cashflow terms only cost me £15k and it has £25k of buying power.
£25,000 / £15,000 = 1.66% - thats right an instant 66% profit regardless of what I then invest the funds in.
Or looking at it another way, if I use the funds to buy ITV at 75p - they only cost me 75p / 1.66 = 45p
You can't lose!
And I'm not making this up - google it! Any higher rate taxpayers on here not making use of this incredible tax benefit are frankly mad! :)
Yeah i meant 166% there ;)
And as mentioned - SIPPS are free from inheritance tax - ISAs are not. So my children have greater tax free benefit when working out my IHT.
You lose instant access to the cash which is the main benefit of the ISA, but depending on your age and how close to retirement you are this may matter less...
On the assumption that pensions are honoured in full within the next 15-20 years of course, or that the retirement age itself does not rise higher and higher, at an advanced speed.
The latter scenario is IMO pretty likely. Not that I would put it past them to essentially steal our ISA's in one way or another either. The inflation tax is not going to be enough to this end, IMO.
There is a reason why they make SIPPs so attractive. Cannot help but feel they are like a venus fly trap, the ultimate ponzi scheme....but as long as you are not entirely dependent on a theoretical and full pension pay out in X number of years, then there is not much else you can do. And if it is not too good to be true, then you are laughing all the way to the bank.