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Flexi Drawdown v UFPLS
Comments
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Unfortunately every government has their own view of things and like to fiddle around, so change is always to be expected. All we can do is to operate within the current rules but always keep our ears open.
Note, when first introduced, taxation of cash in a S&S ISA was exactly what did happen, so this is not something new, it's just going backwards a little bit to how they used to operate originally.
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Seeing as cash held in an ISA was taxed before 2014, it was pretty easy to think they would tax it again. Reeves is effectively unwinding some of Osborne's flexibility.
These things often cycle.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
just take the tfls upfront then spread the taxable income monthly, it’s what my Wife does so she doesn’t have to pay any tax then have to reclaim it.
Lots of providers won’t do monthly UFPLS anyway.
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Lots of providers won’t do monthly UFPLS anyway.
Or insist on a new set of forms filled each time.
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I have been looking at ii as they seem to offer a SIPP which offers both drawdown and regular income
Regards Mike0 -
Not wishing to doubt you, as I haven't any experience of II, but their website suggests that UFPLS is only available on a single basis.
Whilst monthly UFPLS is very common with providers available to IFAs, it is very uncommon in the DIY market.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
The proposal is to tax the interest on cash in a S&S ISA
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Understood.
II want you to go through a 30 minute process every time you want to take a UFPLS drawdown, which is obviously done to discourage one from doing it too regularily.
Regards Mike0 -
II want you to go through a 30 minute process every time you want to take a UFPLS drawdown, which is obviously done to discourage one from doing it too regularily.
Not done an ii UFPLS for a little while so things may have changed, but I think ii are putting down a worst case scenario for it taking 30 minutes. In my case the first one took about 20 minutes as I read through and checked everything, but subsequent ones were a lot quicker as it became more routine.
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just because you start down one route, be it UFPLS or Flexi drawdown, you can easily change at any time
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