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Attn Bully1985
Regarding query date 10th August.
Thats me just got a reply from Interactive Investor.
Thank you for your secure message and I
apologise for the delayed response.
I have confirmed this with the specialist
that no more LTA tax is due if you take any income. You have already paid LTA
tax charge (55%) on the excess so wouldn’t have to pay any more. I
apologise for the incorrect information given to you.
Please note that until we have your correct tax code you may be emergency
taxed on the income that your receive initially. If this remains below your
personal allowance and we have the correct tax code this should then be
adjusted accordingly.
We trust that we have answered your
questions, however please do let us know if we can do anything else for you.
You can continue to write to us by secure message. Our response time is usually
within a few days, however, in times of high volume, we can take up to 5 days.
Sorry for off topic lads.
GLA
Bully.
It's with Interactive Investor..I sent them a query about it..they have an internal message system set up. They do have a flexi-access drawdown facility..Otherwise I would not have used them. Once you trigger that you get charged £10/month..Will let you know what they say..
Thanks again.
ATB
Thanks to all 3 for your respective pension replies. I have two small final salary pension schemes which I haven't yet drawn on (a few years away yet!). They inflate at inflation or 2.5% per year whichever the minimum hence wanted to know approximately how to value them as certainly dont want my siip plus these to exceed the £1mm market as releases then can be quite costly.
Cheers all and best of luck with TXP!!
DB scheme transfer values can vary by provider. Can vary from 20x expected AP up to around 45x (although some have seen more). In simple terms if retiring at 60 you’d have to live about 35 years to break even, ignoring any compounded increases in value
From my understanding "defined benefits" pensions are typically valued at about 40 times the expected annual value. So if the projected pension is £10k per year the "value" associated to it would be £400k when assessing the value of your total pension pot. May not be 100% accurate, but hope that helps.
I think you could well make a fortune here Bully with tax advice if TXP fulfil all our hopes and dreams
I for one need about £1.60 to reach my Sipp limit
GLA - this is where the ride gets serious!!
Bully camglen. Thanks very much guys.
Yes that was what I was talking about, lol!
To be clear though as I understood it my accountant was limiting this allowance to my sipp.
What he said to me was the amount on that PLUS my private defined benefit pension plans should not exceed £1MM etc.
I was wondering rule of thumb how much is £100k in this worth with a defined benefit pension. Say you had a defined benefit of £20k would that be "worth" say £500k in that £1mm tax shelter amount, if you understand the point I'm asking?!
Also my accountant said this £1Mm DID NOT INCLUDE amounts held in ISA. I'm assuming he is correct or I may have misunderstood?
Sorry for OT all!!
hi Bully, appreciated
last year i paid 55% tax on the cash lump sum that exceeded the LTA which i understand. also took the 25% tax free lump sum.
I was going start the flexible drawdown and take £12000 for the year, thinking tax free allowance approx. Also had a modest cash dividend of £500 from a stock. No other source of income.
The sipp provider said if i did this then i would have to also pay 55% tax on the £12000 and all the monies apart from tax free lump sum of 25%.
i thought the LTA, Tax allowance and divi all had their tax calculation and were separate from each other when working out tax to pay.
i never started the flexible drawdown as i did not want pay 55% on this small amount as the whole point was pay as little tax as possible.
thanks bully
snap bully.
sorry board as off topic.
i only know this as i transferred my DB pension in january and exceeded the 2019/20 lta.
Bully got a query about tax to pay on flexible withdrawings, if you could help. thanks
Dunderhead.
think your talking about the LTA[lifetime allowance] which this year is about £1073100. if you withdraw money which exceeds that limit its taxed at 55%..
GLA
Auto correct lol.
Should be gamflin plus 1 million sterling limit then tax relief reduced?
Imho I dunno?
Game, dont know why but I thought there was a £1limit on a sipp then different tax impacts?
Russell, I apologise my comments were in no way intended to be demeaning my train of thought was that having a limited company you would have someone else to ask.
Regret asking now, just thought maybe someone else had encountered this issue.
Gamflin - most self employed people operate via limited companies these days, lorry drivers, window cleaners the lot it's more tax efficient. Certainly doesn't mean I am a high flyer by any means.
At the moment I have some funds in the company. If I take it out I am taxed on it. Hence my desire to buy shares via the company, and hold them in the company. I know I could put the money into a sipp, but if things turn bad and I need some cash, I can't get at it if it's in a sipp.
Russell.