Krill wrote: ↑Mon Oct 31, 2022 10:19 pm
Well try this one on for a work around: paying the equivalent amount of money into a private pension would create an income tax break so essentially it would become tax free.
Yes, or Venture Capital Trusts (VCTs) which gives 30% tax relief so if your a basic tax payer, that works very nicely indeed.
I was made redundant under quite unpleasant circumstances about 8 years back, but I received quite a payoff. I put some into my pension and a lot more into VCTs so I would benefit from tax free income from them immediately and after 5 years, sell them tax free. My income tax on the payoff was repaid to me, the VCTs did all right, the 5 year holding periods up and I've lived on that up until now. A little more time to wait until I can take my pension but that will pass.
16.9kW PV > 107MWh generated
Ripple 6.6kW Wind + 4.5kW PV > 22MWh generated
5 Other RE Coop's
105kWh EV storage
60kWh Home battery storage
40kWh Thermal storage
GSHP + A2A HP's
Rain water use > 510 m3
nowty wrote: ↑Mon Oct 31, 2022 11:08 pm
Yes, or Venture Capital Trusts (VCTs) which gives 30% tax relief so if your a basic tax payer, that works very nicely indeed.
I was made redundant under quite unpleasant circumstances about 8 years back, but I received quite a payoff. I put some into my pension and a lot more into VCTs so I would benefit from tax free income from them immediately and after 5 years, sell them tax free. My income tax on the payoff was repaid to me, the VCTs did all right, the 5 year holding periods up and I've lived on that up until now. A little more time to wait until I can take my pension but that will pass.
A bit OT but how do you research VCTs? Any particular website? Long time ago I was looking into it and the returns were worse than taxes for higher tax payers.
nowty wrote: ↑Mon Oct 31, 2022 11:08 pm
Yes, or Venture Capital Trusts (VCTs) which gives 30% tax relief so if your a basic tax payer, that works very nicely indeed.
I was made redundant under quite unpleasant circumstances about 8 years back, but I received quite a payoff. I put some into my pension and a lot more into VCTs so I would benefit from tax free income from them immediately and after 5 years, sell them tax free. My income tax on the payoff was repaid to me, the VCTs did all right, the 5 year holding periods up and I've lived on that up until now. A little more time to wait until I can take my pension but that will pass.
A bit OT but how do you research VCTs? Any particular website? Long time ago I was looking into it and the returns were worse than taxes for higher tax payers.
To be honest there was a golden age a while back where you could even buy Solar and Windfarms and get the tax relief !. But the investment rules have changed over the years so it's not so easy for the companies to make an almost guaranteed return anymore. Returns now are a bit more random, but its an option if your pension and ISA allowances have been used up.
16.9kW PV > 107MWh generated
Ripple 6.6kW Wind + 4.5kW PV > 22MWh generated
5 Other RE Coop's
105kWh EV storage
60kWh Home battery storage
40kWh Thermal storage
GSHP + A2A HP's
Rain water use > 510 m3
So spending some of today considering this...there is nothing stopping export except whatever DNO limit is in place and the most HMRC are going to claim is income tax on the earnings generated.
Still seems like close to a nobrainer decision in some respects. The whole 120% limit is an example and not a hard limit...
