SIPPs & ISAs Flashcards
(20 cards)
what is the annual allowance?
£60,000
How does the annual allowance taper for higher earners?
£1 for every £2 you earn over £260,000. Allowance tapered stops at £10,000
at what level does it taper?
£260,000 - £360,000
What is the lump sum allowance?
£268,275
How many years of allowance can be carried forward?
up to 3 previous tax years
Cost to set up a drawdown? and annual cost thereafter?
£200 initial cost Excl VAT / £150 thereafter excl VAT
how old do you have to be to start making contributions to a SIPP?
From birth, after age of 75 can still make contributions but no tax relief
what are transfer out fees for a SIPP?
None
what is the fee for commercial property in the SIPP?
£1900 initial
what is the tax charge on pensions valued in excess of lifetime allowance?
No charge as of april this year
what tax relief is earned on personal contributions?
20% for basic rate tax payers, additional 20% relief for HRT and additional 25% for ART if claimed through self assessment
what is tax relief on company contributions?
no tax relief
At what age can benefits be taken from a SIPP?
55
what does UFPLS stand for?
uncrystallised fund pension lump sum - £200 fee
rate of tax relief on personal contributions received through SIPP?
20%
if someone has no income what can they contribute (Gross & Net)
£3660 Gross & £2880 Net
what does QROPS stand for?
Qualified Recognised Overseas Pensions Schemes
Two types of drawdown?
Flexi-access and capped drawdown
three pensions crystallisation events?
going into drawdown, turning 75 or death
