RE: GDXJ opens up 5%10 Apr 2025 10:34
Sorry Speedy I agree with you on most things but to say SIPPโs are not tax efficient is simply inaccurate. To contribute into them you get 40% tax relief (as a HRT) so for every ยฃ1000 invested it only costs you ยฃ600. Then it sits in a tax free environment and you can access up to 25% of ยฃ1,073,100 totally tax free and the remainder you can draw down over time to minimise the taxes you pay on it by spreading over numerous tax years. ISAโs may be wholly tax free but you have to pay ยฃ1,000 to get ยฃ1,000 invested and currently capped at ยฃ20,000 per annum - so not a perfect alternative, hence why having both is good financial planning. You know more than me on Brits but couldnโt watch you diss SIPPโs entirely where there are true tax advantages to them. ๐๐