SIPP advice

[Unix]

Hi,

I have read up on SIPPs and just want to confirm my understanding of how they operate rules etc.

1. I can pay into a SIPP directly from my company bank account and it reduces my corp tax.?
2. There is no limit on how much I can pay as long as the company is still in profit?
3. In the SIPP I can then assign the cash into shares or funds.
4. The SIPP provider will charge for trades and annual fees for managing the SIPP.
5. Any money I pay into the SIPP is protected from IR35 investigations.
6. I can't touch the SIPP until I am 55 and then I can take all the money out or buy an annuity.
7. I am taxed when I take money out?

Let me know if any of the above are wrong, or I have missed anything.

I am looking at Barclays asmy provider as I bank with them

[SueEllen]

Hi,

I have read up on SIPPs and just want to confirm my understanding of how they operate rules etc.

1. I can pay into a SIPP directly from my company bank account and it reduces my corp tax.?
2. There is no limit on how much I can pay as long as the company is still in profit?
3. In the SIPP I can then assign the cash into shares or funds.
4. The SIPP provider will charge for trades and annual fees for managing the SIPP.
5. Any money I pay into the SIPP is protected from IR35 investigations.
6. I can't touch the SIPP until I am 55 and then I can take all the money out or buy an annuity.
7. I am taxed when I take money out?

Let me know if any of the above are wrong, or I have missed anything.

I am looking at Barclays asmy provider as I bank with them

1-5 yes
6 - expect the law to change at some point as state pension ages have increased
7 - depends on how much you take out and how you take it out

Finally don't go with Barclays - have a look at the threads for other SIPP providers , do a google search and find out all their fees. (There are websites with articles which have comparisons.)

Banks and building societies charge more and often a lot more for financial products that aren't their core.

[speling bee]

1-5 yes
6 - expect the law to change at some point as state pension ages have increased
7 - depends on how much you take out and how you take it out

Finally don't go with Barclays - have a look at the threads for other SIPP providers , do a google search and find out all their fees. (There are websites with articles which have comparisons.)

Banks and building societies charge more and often a lot more for financial products that aren't their core.

5 may be correct(I take your word on it) but the debt would surely still exist if 'done' under IR35. Wouldn't HMRC just bankrupt you (leaving you with your SIPP of course)?

[ASB]

5 may be correct(I take your word on it) but the debt would surely still exist if 'done' under IR35. Wouldn't HMRC just bankrupt you (leaving you with your SIPP of course)?

Pension is a legitimate expense. As such is deductable. Ir35 applies to 95% of the balance.

There are limits to the amount of the contributions allowable. 40k.