LTA allowance exceeded at 36

PdPaul

Yes I understand that, but I can get access to it, which is the problem I've got now with a SIPP. Albeit a nice problem to have. 
I'll see how creative the advisors are next week, I'm sure commercial property will be mentioned. 
Thanks to all.

elouise01582

So where does the money for your normal Stocks and Shares ISA come from if not from your own pocket? Sorry I don't understand?

elouise01582

PdPaul said:

Yes I understand that, but I can get access to it, which is the problem I've got now with a SIPP. Albeit a nice problem to have. 
I'll see how creative the advisors are next week, I'm sure commercial property will be mentioned. 
Thanks to all.

Commercial property - after AVIVA and AEGON closing their property funds??

PdPaul

Yes my own taxed income goes into the ISA, I wouldn't use that to also save for when I'm 60 when I've also got a maxed out pension, I want access now. 
Not a fund, You can buy commercial property or land with a SIPP, it is owned by the SIPP so income goes back into it which again doesn't really help me unless I'm willing to invest in the right commercial business and break the law with creative accounting, of which I'm not.
Guess there is no easy answers or solution at this time. 

Diplodicus

You would be mad to trim in view of a potential tax bill in 2060.

You have a million £ investment you can grow in a tax-free environment for the next half of your life. Just keep going. 

Don't hire a financial adviser. 

Thrugelmir

PdPaul said:

With regards upgrading the asset classes, yes that is my thoughts on it, take out an interest only mortgage on a 1.2million property, then in 25years when I can get my pension, which should have tripled I can pay it off with the 25% tax free lump. Biggest risk with that is a change in interest rate on such a large sum.

With regards to wife, I have read some information about that transfer of pension so I can effectively use 2 x LTA - obviously that comes with its own risks, but certainly a good move if this is legitimate advice when married.

A little knowledge is a dangerous thing. An adviser may prove to be invaluable. Though you appear to have need of having investments managed. 

Diplodicus

Thrugelmir said:

PdPaul said:

With regards upgrading the asset classes, yes that is my thoughts on it, take out an interest only mortgage on a 1.2million property, then in 25years when I can get my pension, which should have tripled I can pay it off with the 25% tax free lump. Biggest risk with that is a change in interest rate on such a large sum.

With regards to wife, I have read some information about that transfer of pension so I can effectively use 2 x LTA - obviously that comes with its own risks, but certainly a good move if this is legitimate advice when married.

 An adviser may prove to be invaluable. 

Profound advice:- 

If you attach a Financial Adviser at 36, you may well find one willing to manage your investment for 0.5% pa through your life.

Be advised, his/her job is not to make you money but to make make you feel comfortable with your journey.

So, that comfort will cost you about a million pounds through your lifetime.

PdPaul

"Though you appear to have need of having investments managed" 

Not sure how you came to that conclusion. 

It comes down to staying in your lane, Yes I can stay in my lane of investing my SIPP and grow it by trading stocks and shares, I was just curious about the wealth of knowledge in the other lanes and how that may be of benefit. Perhaps I'm overthinking it. 

Thrugelmir

PdPaul said:

Thanks for all the comments. First to answer the most recent; I have appointments with 5 different advisors when I get home, I work away so I'm expecting a busy week next week and wanted to see some other thoughts from my initial research and having never dealt with an advisor before very sceptical about who's interests they have at heart. 

With regards upgrading the asset classes, yes that is my thoughts on it, take out an interest only mortgage on a 1.2million property, then in 25years when I can get my pension, which should have tripled I can pay it off with the 25% tax free lump. Biggest risk with that is a change in interest rate on such a large sum.

If nothing else you'll learn the applicable rules. Advisers do have useful purposes. Might help structure your plans better. 

michaels

vct and ppr seem like the next vehicles if you have exhausted pensions and isas.