Your questions answered Vol 2 - IM Private Clients

[AdamIM]

Just running some pre end of tax year maintenance-valuations will update shortly

[AdamIM]

Maintenance complete-dashboards updated.

Regards

Adam

[Car bon]

Grey_Area said:

And now the question, I'm looking at full retirement in around 3 years time, have a pension pot, and an ISA pot.

I'll be taking the ISA pot first most likely after chatting with Nik some time ago, with an intention of taking it down to pretty much zero.

Be careful that you're not letting a zero tax band go to waste..... Depending on whether you have other income sources, it might be beneficial to take some pension money. Worth double checking with Nik when you are fixed on dates.

[Grey_Area]

Car bon said:

Grey_Area said:

And now the question, I'm looking at full retirement in around 3 years time, have a pension pot, and an ISA pot.

I'll be taking the ISA pot first most likely after chatting with Nik some time ago, with an intention of taking it down to pretty much zero.

Be careful that you're not letting a zero tax band go to waste..... Depending on whether you have other income sources, it might be beneficial to take some pension money. Worth double checking with Nik when you are fixed on dates.

Thanks, and understood; there's already a company pension in the mix, roughly 30k/yr. hence no real concerns about running down to zero.

[eldar]

Another quickie, how do I move the cash in my GIA to a fund in my ISA. I thought I knew how, but I'm not sure thanks.

[PM3]

eldar said:

Another quickie, how do I move the cash in my GIA to a fund in my ISA. I thought I knew how, but I'm not sure thanks.

Read my Post of 29th March 2024 ( explained by example, ad-nauseum )

[eldar]

PM3 said:

eldar said:

Another quickie, how do I move the cash in my GIA to a fund in my ISA. I thought I knew how, but I'm not sure thanks.

Read my Post of 29th March 2024 ( explained by example, ad-nauseum )

Thanks, appreciated.

[Simpo Two]

AdamIM said:

Just running some pre end of tax year maintenance-valuations will update shortly

Put all the income and gains on April 31st, there's a good chap

[JulianPH]

Grey_Area said:

Apologies if this has been covered before, but the PH search function isnt great, and my Google foo appears to run a Null search on the subject.

And now the question, I'm looking at full retirement in around 3 years time, have a pension pot, and an ISA pot.

I'll be taking the ISA pot first most likely after chatting with Nik some time ago, with an intention of taking it down to pretty much zero. Now, is there a method by which I can do this on a regular monthly basis for a set sum per month, without incurring any issues, costs arbitary timescale problems etc?

Take it for given that I'd need 2k/month on the 3rd of each and every month till the funds run dry.

TIA.

Hi Grey_Area, I've just had a look at my own account as I assumed that there would be an 'income payment' option for ISAs (just as with pensions) but I can't see one!

Let me ask the geeks as I must be missing something obvious!

Cheers

Julian

[Grey_Area]

JulianPH said:

Hi Grey_Area, I've just had a look at my own account as I assumed that there would be an 'income payment' option for ISAs (just as with pensions) but I can't see one!

Let me ask the geeks as I must be missing something obvious!

Cheers

Julian

Cheers Julian

[Mr Pointy]

Own up, who has made their 2024/25 ISA & SIPP contributions already?

[PM3]

Mr Pointy said:

Own up, who has made their 2024/25 ISA & SIPP contributions already?

Not me yet , waiting for IM to wake up Monday morning .
Same every year , fill ISA and my unearned limit on SIPP straight away, No reason to wait

[pingu393]

PM3 said:

Same every year , fill ... my unearned limit on SIPP straight away, No reason to wait

That makes a lot of sense.

I usually leave it till later in the year and base it on my year-to-date profit, so I don't over reach. As you say, you can put £2880 in on 6th April with no worries at all.

I shall do it now.

[JerryEXE]

Mr Pointy said:

Own up, who has made their 2024/25 ISA & SIPP contributions already?

27 minutes on the phone with the HSBC fraud team earlier today going through their box ticking exercise to demonstrate that my ISA contribution was legit. I accept that things have to be set for the lowest common denominator but it was difficult to remain calm … the guy on the other end of the line didn’t even know what an ISA was … if I hadn’t called them I would have thought I was being scammed . Got there in the end though.

[pingu393]

Mr Pointy said:

Own up, who has made their 2024/25 ISA & SIPP contributions already?

I was lucky. I was halfway through a GIA withdrawal, so had a spare £2880 in GIA Cash. I used the transfer to SIPP / ISA function, and it was in my SIPP within a few hours. HMRC can make up the other £720.

My GIA is now empty, but if it weren't, there would be upto £20k heading towards my ISA.

[2Btoo]

What's the relevance of the £2880 figure?

[markiii]

£3600 limit - the 20% tax credit

[2Btoo]

markiii said:

£3600 limit - the 20% tax credit

Sounds good, thanks. Although I still don't quite follow.

[Mr Pointy]

2Btoo said:

markiii said:

£3600 limit - the 20% tax credit

Sounds good, thanks. Although I still don't quite follow.

If you don't have any relevant income then you can still contribute £2880 net/£3600 gross into a pension. If you have relevant income but are subject to the MPAA then you can contribute £10,000 gross/£8000 net.

[Jasey_]

https://www.gov.uk/tax-on-your-private-pension/pen...

If you do not pay Income Tax
You still automatically get tax relief at 20% on the first £2,880 you pay into a pension each tax year (6 April to 5 April) if both of the following apply to you:

you do not pay Income Tax, for example because you’re on a low income
your pension provider claims tax relief for you at a rate of 20% (relief at source)