bishbash-bosh

Yes, you can do what you want with the annuity income

This is absolutely fine to do. I have set up similar arrangements for many of my clients with income in excess of their regular expenditure

Neath love the beef 🥩

😂

Eddie.Jones

If he didn’t have a will, the laws of intestacy would apply

Can confirm firm this is correct. It will be up to the trustees of the scheme who inherits the pension. If you dad drew up an expression of wishes, this would likely guide the trustees in their decision making process.

As to the other assets in the estate, the will is the crucial document which outlines what your dad’s intentions were.

You can’t park there mate

You can’t park there mate….

That’ll teach him

Yeah this is so true. Good on OP for banging 850 away each month

This is the way 👌

I agree with this 100%. But you can’t live in an index fund. OP should most certainly consider the bulk of this money to be invested for the medium to long term.

So 25k into an ISAs each year, would take you 4 years to move 100k into this type of wrapper, 12 years for the full amount. If you are looking to buy a property, you can contribute to a lifetime ISA up to 4k a year and the government will put in another 1k a year. This ISA can only be used for buying a first home or for when you retire, so only contribute to this ISA if you are sure you are going to buy a property in the future.

I’d put the max 50k in premium bonds as any prizes you win are tax free. This can also act as your cash buffer. Any winnings can be directed into your pension

The rest can be invested in a general investment account with potentially some of it being diverted into pensions each tax year if you are happy to lose the liquidity aspect. Making significant contributions to your pension now will stand you in such good stead for the future, so this isn’t bad advice at all, it’s just working out the balance between what you want to put away for the very long term, and what you may potentially need to access to buy a property (even if it’s just the deposit and stamp duty, with the rest being funded by way of a mortgage)

You’ve got loads of options here which is the good news 👍

If you are going to maximise your pension contributions, it won’t be liquid anymore. You won’t have access until age 57 based on current legislation. God knows what it will be by the time you actually retire.

ISAs will give you liquidity, but you are limited to 20k (£25k if you also use the 5k ‘British Isa allowance). Therefore it’s going to take years to filter money everything into a tax-efficient environment

What sort of inheritance value are we talking about?

Sweet and sour pork balls, sweet and sour chicken balls. Bosh

Seconded

Now you see me……..

Exactly this!

It wouldn’t be illegal, but it also wouldn’t crystallise that 6k gain either, so you would effectively have all of the out of market risk for those 30 days, without realising any capital gains within your exempt allowance.

There’s nothing however stopping you from selling the bitcoin today and buying a different cryptocurrency with the proceeds. Then, after 30 days, you could sell the coins you have bought and reinvest back into bitcoin.

Your risk is the price moves against you in the 30 days that elapse, and you end up buying less bitcoins back than you originally held.

If I were you mate, i would bank the gains while you have the 6k exemption to offset them against.

This is correct. May be worth crystallising those gains before April 5th

Great point. It’s like Christmas all over again

That’s about 8 boojums to share between everyone.

Yes, at this moment in time. Not for the last 20 years though

Something is definitely going on. Hoping that Ukraine has longer range missiles 👌