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If i put £150,000 in to a SIPP, and it becomes £300,000 after 5 years can i pull it out and what tax do i pay.?

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  • If i put £150,000 in to a SIPP, and it becomes £300,000 after 5 years can i pull it out and what tax do i pay.?


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Answer #1 | 18/12 2013 09:59
This is a pension plan - taxman does not like money being pulled out before 55. Could be that you would pay tax at your notional rate on all the income. If older than 55 and retired you can take 25% tax free and drawdown the income each year for a while (taxable), or invest the remainder in an annuity (taxable if income greater than personal allowance. Oh, and good luck about doubling youe money in 5 years....... The word ponzi comes to mind.

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