Am I too old to increase my wealth?

Reply to the comment left by Tim Rogers at 20/03/2023 – 16:09
You could correct Tim. Just another battle lost in the war against Landlords.

Reply to the comment left by Richie at 20/03/2023 – 13:04
Richie: moving into your previously rented house is of no benefit except for some very marginal gains which I’m not knowledgeable about. I got so fed up with my family telling me to go around and live in my letting houses to escape CGT that I rang the tax department. They said I would still owe the CGT until I moved in, and only from that date would one be exempt, and the previous letting time would still be liable.

Reply to the comment left by NewYorkie at 20/03/2023 – 15:59
I thought you could not put rented income into a pension as it was ‘unearned income’.
Or has John another income supply?

Reply to the comment left by Yvonne Francis at 20/03/2023 – 17:08

Yvonne….my point exactly. Also given John’s age if you have any source of pension it would have been activated (crystalised) one would assume; otherwise what’s the point of a pension. Stocks & shares ISA good option but that, like every thing else, depends of the global economy doing well. Let’s face it, we all want good investment with the minimum input and PRS has a very uncertain future due to present and predicted legislation.

Reply to the comment left by RoseD at 20/03/2023 – 16:09
I crystallised my SIPP by taking my 25% tax-free lump sum, but opened a new SIPP to which I’ve been contributing for 10 years with the government top-up and through my company, and can take a further 25% lump sum. As soon as I start drawing my pension, I will be taxed, so I am drawing on my ISA until it is empty, and only then start taking my pension.

Reply to the comment left by Eden Lan at 20/03/2023 – 13:55
Thanks for your advice. I might think about it but I have been to the end of the earth to find a solution, solicitors and even day courses. One solicitor I went had won an award for her knowlege on IHT but everything she suggested I knew. One University lecture I went to a guy said IHT was optional, and I had to say to him, not when its in the millions it ain’t.! My sister went on a three day course convinced it was the answer, only to end in disillusion. There are small ways to save but when it is in the millions those ways are small fry.

Mark appears to be all about companies. I’ve had a company and found it an unbelieable pain. Trusts don’t work as they were never intended for the avoidance of IHT. Sometimes I feel I’m running to a head on crash,.

Reply to the comment left by NewYorkie at 20/03/2023 – 17:35
Good for you; obviously got it all sorted for future income although I was making reference to John’s situation rather than yours as I’m presuming (maybe incorrectly) that you not in your 70s. I’d see no point in your 70’s investing in a SIPP…but hey, open to being corrected!!

Reply to the comment left by RoseD at 20/03/2023 – 17:56
I will be 69 in August, so not far off. The reason I continue to contribute to my SIPP is solely for the 20% government top-up. Now I’m not earning, its not much, but having paid an awful lot of tax over my life, I’ll take whatever’s on offer.

I’m quite a bit younger than you but have ( for now ) stopped buying and I’m also getting a bit bored. I have however this year started investigating how to store my spare money in ISA’s, SS ISA’s Pensions ( £2,880 ) + From company and that’s kept my mind busy. Prob. next year I will look to do something else, if a house comes along, great. If it’s something else – fine too. I have already had 3 career switches and don’t have an issue with a fourth. You need to keep your mind busy or have targets / goal / something to do. I go a little mad without my routine….

Have a little flutter on the stock market. You can watch you shares go up or down if feeling bored.
Put £20,000 each year in to an ISA, £40,000 if you are a married couple. Go for a self select ISA something like Halifax or A J Bell.
Now here are the important bits – no income tax or CGT to pay and if you buy AIM shares then there is no Inheritance tax as well.