When is 268k not 268k?

MetaPhysical

Cobbler_tone said:

Love a thread based on rumour, speculation, guesswork and over thinking...along with the usual terror of having to pay some additional tax. 
Sounds like someone needs an IFA. 

I've paid more than enough tax over my 42 year working career and would rather not gift RR more tax for her to squander.  I don't need an IFA, what are they going to tell me?  Are they privy to RR and her plans??
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As per my initial post, since I am retiring anyway, I can get 80k straight into ISAs in the same funds as they are in the SIPP.  I need 30k to help my daughter buy a house and I will invest the rest in a GIA and gilts at 4.75% and derive an income stream for the ISA's and coupons and can then draw less on the taxable income and supplement my income with some of the TFC to keep me below the 40% tax threshold.
On balance, and after much thought, I am going to take the maximum amount of cash now, whilst I am able to.  A bird in the hand.

GunJack

I just don't get why people are so opposed to paying some tax, it's the cost of living in a first world country. Paying more tax by definition also means you've got more in your pocket. Plus, most if not all these massive DC pension pots were built with tax relief.....get over the tax thing!!

IamWood

I'm a taxpayer subject to an additional tax rate and I completely understand @MetaPhysical. Do I want to pay taxes to make my contribution to the society? Of course I do. Am I  happy with the current tax rate? Absolutely not.

MK62

IamWood said:

I'm a taxpayer subject to an additional tax rate and I completely understand @MetaPhysical. Do I want to pay taxes to make my contribution to the society? Of course I do. Am I  happy with the current tax rate? Absolutely not.

......better brace yourself then!