Advice on best place to Invest £60k

sevenhills

Alexland said:

sevenhills said:

You could put £50,000 into a pension(SIPP) and then you will qualify for benefits and you can get to the rest of the money when you retire or 55/58 if you want it earlier.

Only at a rate of £2,880 pa if there are no relevant earnings during the tax year.

That may be the limit for tax relief, but I believe I have read that you can still put more in.

Alexland

sevenhills said:

That may be the limit for tax relief, but I believe I have read that you can still put more in.

Potentially very unfavourable though.

https://www.pruadviser.co.uk/knowledge-literature/oracle-plus/annual-allowance/#

"The Annual Allowance charge, charges the member for any contributions (subject to AA test) made above the Annual Allowance and effectively negates the value of the tax relief previously gained on the excess contributions. NB an annual allowance charge may still apply even if no tax relief is gained, e.g. personal contributions in excess of relevant earnings"

csgohan4

Pretty clear from the UK gov supporting Alex's statement
Also from a popular Sipp provider:
https://www.youinvest.co.uk/pensions-and-retirement/pensions-explained/contributing-to-your-pension#:~:text=The amount you can pay,£40,000 per tax year.

HouseTargaryen

If your medical conditions affect you a lot, you may be eligible for Personal Independence Payment, which does not take savings in to account at all. 

massa121

I didn't know that thank you