Fidelity SIPP

TBC15

garmeg said:

Sea_Shell said:

AIUI, CGT is payable on profit at the time of sale.

If you only have small gains, say £1000, do you still have to complete a self assessment to HMRC??

Or is it only if CGT is payable?

Only if CGT is payable or if the total sales are 4 times the CGT allowance (whether CGT is payable or not)

So if you only sold £11,000 and made a profit of £1,000 (bought for £10,000) you need do nothing.
But if you only sold £61,000 and made a profit of £1,000 (bought for £60,000) you need to declare even though no CGT is payable.

Only if you are already enrolled for self assessment

garmeg

TBC15 said:

garmeg said:

Sea_Shell said:

AIUI, CGT is payable on profit at the time of sale.

If you only have small gains, say £1000, do you still have to complete a self assessment to HMRC??

Or is it only if CGT is payable?

Only if CGT is payable or if the total sales are 4 times the CGT allowance (whether CGT is payable or not)

So if you only sold £11,000 and made a profit of £1,000 (bought for £10,000) you need do nothing.
But if you only sold £61,000 and made a profit of £1,000 (bought for £60,000) you need to declare even though no CGT is payable.

Only if you are already enrolled for self assessment

Didn't know that. Thanks.

TBC15

garmeg said:

TBC15 said:

garmeg said:

Sea_Shell said:

AIUI, CGT is payable on profit at the time of sale.

If you only have small gains, say £1000, do you still have to complete a self assessment to HMRC??

Or is it only if CGT is payable?

Only if CGT is payable or if the total sales are 4 times the CGT allowance (whether CGT is payable or not)

So if you only sold £11,000 and made a profit of £1,000 (bought for £10,000) you need do nothing.
But if you only sold £61,000 and made a profit of £1,000 (bought for £60,000) you need to declare even though no CGT is payable.

Only if you are already enrolled for self assessment

Didn't know that. Thanks.

You’re welcome

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

Sea_Shell

Interesting to know, in case we don't quite have room in the ISAs for the full TFLS.   We can invest some outside the ISA and be pretty (make) sure we won't have a tax bill, or extra paperwork.

Albermarle

I have no prior experience of accessing tax free cash so I am wondering if this procedure is fairly standard amongst SIPP providers.

Normally it is pretty standard as far you can see from comments on here . However a poster yesterday said he had done something similar with HL without a paper trail , It is possibly something new as it has never been mentioned before.

referred me to the Pension Retirement Team who were unavailable

Yes making an appointment for a chat  with a Fidelity retirement advisor is mandatory.

Partly to cover them selves that they have given you all the correct warnings like 'your pension may run out' Other posters have said the chat was useful in taking them through the mechanics of withdrawing the money and general guidance . Some people need it more than others of course.   

Albermarle

You do not need any input from an IFA to get anything done with Fidelity .
Just make sure you go to the right website for retail investors. Fidelity Personal Investing .
Fidelity International | ISAs, Shares, Funds & Pensions (SIPPs)

Moe_The_Bartender

In the end the process for taking the tax free cash was fairly painless and it arrived fairly quickly.

At the same time I decided to take a few hundred quid out of my own SIPP to use up what remained of my tax free allowance. What happened then was utterly bizarre and I have made a complaint. I had about £400 already in cash so it was only necessary for Fidelity to realise another £400 from sale of units/ITs. What they did was to sell shares in four different ITs costing me £40 in charges. One of the sales was a single share in HVPE which realised £19.15 but yielded a net £9.15 after the dealing cost. In hindsight, I should have made sure that there was sufficient cash available to fund my withdrawal. Fidelity are looking into it but said that it had been done in accordance with their normal procedures!

Albermarle

I think with all providers it is best to best for you as the client to sell the investments and make sure there is enough money in cash to make the payout .