S&S Isa or Sipp ?

[gregs1959]

Hope I can get some advice here

I am currently putting in £1000 month in to s&s isa.( split between me and wife) Looking to put another £1000 in to an investment.

Question is :-

Do I add this to our existing s&s Isa’s or do I put it in to a sipp. Is there an easy answer I wish there was. I’m 59 and wife 52. No real pension planning ( I have the grand sum of £145.00 month from a private one.).

Own property that we rent out which gives us a decent income and in the 40% tax bracket although not by an awful amount.
Any advice on what to do with the £1000 month I would appreciate.

Thanks Mark

[xeny]

Do I vaguely remember that you're currently receiving some income from a pension?

[gregs1959]

Hi xeny

Yes I have previously asked about this the other week however you was the the only person to reply on that occasion so thought would ask again without as much detail as last time

Yes my private pension is giving me £145.00 a month.

Cheers
Mark

[RL17]

SIPP to the extent you're getting 40% tax relief on way in (earned income must be sufficient).

Thought recycling covered taking large tax free cash sums being recycled - also thought there were large de-minimis limits before that applied (£7,500)

Based on your pension I would have thought SIPP wouldn't be an issue.

Tax free 25% on exit may make further contributions favourable but only of want to withdraw and pay 20% tax on way out for remainder.