How much admin to move all tax free lump sum to GIA & drip feed ISAs in most tax efficient way?

MrBobbins

My DC pension is a little over the old Lifetime Allowance, meaning my lump sum is above the newer Lump Sum Allowance. From 55 I have been taking £20/40K out each year to put into mine/partner's S&S ISA's to allow it to continue to grow tax free. I'm left with around £150K of my TFLS still in my pension (as I also spent £10K).

I now believe it would be most tax efficient to move all the remaining TFLS in my pension to a General Investment Account, and then drip feed from there into S&S ISAs, for reasons very well explained here - https://forums.moneysavingexpert.com/discussion/comment/81250092/#Comment_81250092

My tax affairs are very simple so I've never had to report anything to HMRC for CGT or Dividend tax, and I'm wondering how much of a faff this is going to be. I'd like to keep the money invested in something similar to a Global All Cap fund (like much of my pension) during this, but I'm not sure how to choose funds with regard to the best use of CGT and Dividend taxes and their relative allowances. Also, how much effort the reporting of such liabilities to HMRC will be - I assume I'd need to do self assessment?

Grateful for any thoughts on this, especially from anyone who's already done this.

Pipthecat

I cant speak to your overall proposal but can tell you that you will receive a Consolidated Tax Certificate for any GIA account you hold.  This will give you the information you need to complete a self assessment tax return.

Self assessments are pretty daunting first time as there are many boxes that wont be relevant to you, and figuring this out is a major part of the faf.  Subsequent years will be much more straight forward.

Concentrate on your investments and not the tax admin - at worst its a couple of hours work once a year

DRS1

The CTC will probably only cover income not capital gains.

You may also want to check if what you are investing in has Excess Reportable Income (which again may well not be shown on the CTC)