Continuing contributions after benefits taken
Posted: August 13th, 2018, 3:01 pm
I didn't want to hijack zico's similar thread so I am posting this separately.
If someone is capital rich, taxable income poor (no income other than tax-sheltered dividends, unsheltered dividends < 2K, interest of no more than £3k-4k and modest "miscellaneous") and has a SIPP, which of the following are acceptable:
1) They could take a lump sum, drawdown to just below the Personal Allowance and still gain £720 per year by adding £2880 to the same (or, if not, another) pension?
2) They could do the above if they didn't take the lump sum?
3) They could use UFPLS to withdraw to greater than the Personal Allowance (exact amount depending on other income) and still gain £720 the same way?
Or am I just way off the mark?!
TIA, CP
If someone is capital rich, taxable income poor (no income other than tax-sheltered dividends, unsheltered dividends < 2K, interest of no more than £3k-4k and modest "miscellaneous") and has a SIPP, which of the following are acceptable:
1) They could take a lump sum, drawdown to just below the Personal Allowance and still gain £720 per year by adding £2880 to the same (or, if not, another) pension?
2) They could do the above if they didn't take the lump sum?
3) They could use UFPLS to withdraw to greater than the Personal Allowance (exact amount depending on other income) and still gain £720 the same way?
Or am I just way off the mark?!
TIA, CP