Best ‘safe’ way to invest £90k?
Discussion
Hi
Coming into an inheritance & have £90k to invest.
My wife in a non-tax payer , gave up work, a couple of old pensions @55, £12k so no tax
I’m higher rate tax payer
No real need for instant access, just want it to keep up with inflation really.
I mess about with bitcoin & use HL separately!
No sips. It may just clear by the 6th April..
No debts with interest to pay.
What’s the best way to go please?
SIP/Premium bonds split between us/Decent bank interest rate?
Keen not to pay any tax, keep up with inflation, not to gamble it..
Coming into an inheritance & have £90k to invest.
My wife in a non-tax payer , gave up work, a couple of old pensions @55, £12k so no tax
I’m higher rate tax payer
No real need for instant access, just want it to keep up with inflation really.
I mess about with bitcoin & use HL separately!
No sips. It may just clear by the 6th April..
No debts with interest to pay.
What’s the best way to go please?
SIP/Premium bonds split between us/Decent bank interest rate?
Keen not to pay any tax, keep up with inflation, not to gamble it..
Mr Pointy said:
James6112 said:
I was thinking that for starters, will probably miss the 23/24 cut off, but might make it. Then another after the 6th April?
Move £20k out of your emergency fund to make the cut off? Your wife has a £20k allowance as wellokgo said:
James6112 said:
Good idea thanks, looks like the funds will land on the 5th!
Surely it’ll clear quicker than that? What is the money held in?Could you use an overdraft facility? A day or two interest on that still better than missing the deadline I’d have thought.
Executor (sister in law) now says will transfer the funds on the 5th
It’s ok though, could use 23/24 allowance if necessary from other savings.
Or just buy premium bonds & SIP 24/25
greengreenwood7 said:
C69 said:
I would consider setting up a small SIPP for your wife if she's under 75 (not sure if the "@55" refers to her age now).
Under current rules, non-taxpayers can pay in up to £2,880 per tax year and get 20% tax relief (even though no income tax has been paid). Consequently, the government automatically tops up the contribution by £720, giving a gross annual total of £3,600.
Obviously you'd need to think about the underlying investments in the SIPP, to ensure that they fit your risk appetite.
exactly what i was going to write :-)Under current rules, non-taxpayers can pay in up to £2,880 per tax year and get 20% tax relief (even though no income tax has been paid). Consequently, the government automatically tops up the contribution by £720, giving a gross annual total of £3,600.
Obviously you'd need to think about the underlying investments in the SIPP, to ensure that they fit your risk appetite.
worth adding before the 5th and then again soon as funds clear after the 6th, and can keep topping that up annually....
all have different tolerances for risk, but could decide to be aggressive with that portion as it clearly would make up a v.small proportion of existing wifes pension....
She’s 60, does have a couple of other pensions to come, not drawing them yet.
A property in Spain, nice, but a hassle can do without!
Bitcoin, already into that for a bit of fun.
Reduce my Higher Rate Tax, already putting in as much as allowed really into pension to minimise tax.
SIP/Premium Bonds/etc sound straightforward enough
We both have HL accounts, so can easily set up some SIPs there.
Bitcoin, already into that for a bit of fun.
Reduce my Higher Rate Tax, already putting in as much as allowed really into pension to minimise tax.
SIP/Premium Bonds/etc sound straightforward enough
We both have HL accounts, so can easily set up some SIPs there.
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