ISA limit reached.

talexuser

bigadaj wrote: »

about isa millionaires, whether this was factual or based on assumed rates of returns given maximum contributions I can't recall.

They were real, and perhaps even as much as a decade ago as I recall. People who started with 3k single company peps, chose good growing companies, and then put the max 6k each year into tessas etc etc, and kept up max contributions each year, had actually reached a million capital free of tax. They probably had been somewhat lucky with tech and far east and swapped out before big crashes. The number of people were probably on the fingers of one hand then but must be more now, so some time we will probably have a max isa limit like the max pension limit for tax concessions.

dunstonh

There was a flurry of articles a while back talking about isa millionaires, whether this was factual or based on assumed rates of returns given maximum contributions I can't recall.

They are real. We have several clients with over a million on ISAs.

grey_gym_sock

by now, if you'd maxed out contributions to PEPs and S&S ISAs from the start, and got only average performance from equities, i'm not sure whether you'd actually be an ISA millionaire, but you'd certainly be getting close.

Pincher

Sounds like a goal to aim for.

With modern medicine, and the blood of virgins, I should be good for another 30 years. £20k a year will make it £600k already.

Problem is, unless they change the inheritance threshold, 40% is going to the Treasury. :mad:

Can't even say over my dead body, because that is precisely how they collect my 40%! :eek: Instead, have to live forever, and watch my pile grow.

grey_gym_sock

the treasury literally gets your money over your dead body, and you're still complaining?!

change your perspective: paying the taxes you're due to pay is a patriotic duty. just imagine how patriotic you'll be when you're dead.

alternatively, marry one of those young virgins, and she/he can inherit the lot, free of inheritance tax - and retaining the ISA wrapper!

(first world problems.)

Pincher

grey_gym_sock wrote: »

change your perspective: paying the taxes you're due to pay is a patriotic duty. just imagine how patriotic you'll be when you're dead.

What makes you think my spending on building a Playboy mansion for my concubines and myself is less effective in circulating the money and boosting the economy than what the Treasury will do with it? All the booze and cigars I will consume generate a healthy tax revenue stream for starters. :beer:

grey_gym_sock

how much will you be spending on your playboy mansion after you've died?

ArmyDilllo

You receive an annual ISA allowance (£20k next tax year).
You can contribute up to your allowance in shares and/or cash every year.
I've been exploiting this since ISA's began.


Cash saved in a bank receives some protection from the govt, although the amount is going to be reduced.

For the last three years I have put my allowance into the same ISA share account.
I have created separate ISA accounts for each of my previous ISA allowances.
No financial reason, other than ease of recording.

I retired in September and plan to never pay Income Tax again.
From now on I am Income Tax free.
Sadly though I am unable to avoid tax completely;
I still have to pay tax to live in my house, go anywhere and spend any of my savings (ISA or otherwise).
The SOB's get enough contribution from me and won't get anything more.

My tax contributions aren't used for my benefit, they simply power the Civil Service and Government.
Many of whom display their value as comparable to the Village Idiot every day.

ISA's were set up to be legitimate tax-efficient savings vehicles.
Exploit them.
There are plenty of ways to avoid the SOB's getting it after you die as well.
Something I take delight in knowing as I leave my millions to my Nephew and Niece (who, incidentally, have no idea).

In the meantime I'm off to The Boat Show in January as I plan to be enjoying some of what I have rescued from HMRC.

Ed-1

ArmyDilllo wrote: »

Cash saved in a bank receives some protection from the govt, although the amount is going to be reduced.

The FSCS limit is actually going to be increased back to £85,000 from £75,000.

grey_gym_sock

ArmyDilllo wrote: »

I retired in September and plan to never pay Income Tax again.
From now on I am Income Tax free.
Sadly though I am unable to avoid tax completely;
I still have to pay tax to live in my house, go anywhere and spend any of my savings (ISA or otherwise).
The SOB's get enough contribution from me and won't get anything more.

My tax contributions aren't used for my benefit, they simply power the Civil Service and Government.
Many of whom display their value as comparable to the Village Idiot every day.

what a load of anti-social nonsense.

no man is an island. you are relying on the police and courts to protect your private property, and your person. relying on the armed services to prevent the country being invaded by any foreign power. you're travelling on publicly maintained roads. your local council collects your rubbish. and that's just the bits i'm certain of, without knowing anything about you. the chances are that your also use the NHS, public transport, etc. that you've benefited from state schools, and other public services, in the past.

the moral and intellectual qualities are politicians are generally (though not invariably) low, i agree. but so what? an insignificant fraction of a percent of public spending goes on them. most of it goes on the things that make us a civilized society (in so far as we are one ): state pensions, the NHS, education, public safety, social security, infrastructure, etc.