Sorry, another retirement plan question.

newhit

I am 3 weeks away from my 65 bday and will have two pensions of £490/m and the state of 592/m. My wife and I have sold our joint business and have £600k to come from the sale. My two pensions will keep us above water, bills wise so I was wondering how to use the £600k for a guaranteed yearly joint income. My daughters' business needs support as well, so I'm looking to give her £1200-£1600/m. I realise I might be giving HMRC a free night out (or twenty!), but I could do with being pointed in the right direction without too much risk..........and tax. Is it worth keeping me out of the mix regarding the £600k, regarding tax and penalties (She has promised not to dump me if the cash is in her name......yes, really!)?
Sorry for the naivety of my question but not being in the grind after 45 years has thrown my focus out.
I know I need an IFA but I want to have some idea what is involved before the inevitable IFA contact.

dunstonh

Things like entrepreneurs relief and pension contributions seem to be the sort of thing that are likely to be involved in that scenario. A joint effort between accountant and adviser.

Brynsam

Your advisers are there to help you work out what is involved - which may not be entirely simple, given what you are trying to achieve.

You might find that it really helps to order your thoughts (and keep adviser costs down) if you write a chronology of what you would like to see happen, starting from now and stretching a good distance into the future (no harm at all taking it to the point of death if you want to look at IHT planning), together with a projected cashflow/indication of outgoings. This probably sounds daunting, but you only need to make it as detailed as you feel comfortable doing/as far as you feel with you can project with some degree of accuracy. That will give your advisers a starting point - and a good one will instantly spot any major omissions in your thinking.

newhit

Thanx for the heads up peoples.

I am still green around the gills but at least I can start a "basic" conversation with my chosen IFA.