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07 Aug 17 01:22
Date Joined: 13 Oct 11
| Topic/replies: 945 | Blogger: eightbo's blog
I'd like to start investing a small % of money each year. Have heard opening a SIPP and investing in global index trackers is a good idea.

I have 2 concerns.
1) If the majority of my income is solely classed as gambling winnings and as such not taxable, I am classed as a non-earner and my pension contribution limit is £3,600 gross - a payment of £2,880 to which the taxman adds £720.
2) Won't be able to access the funds until I'm around 60.

Initially £3,600/yr would be alright but ideally I'd be looking to invest much more than that in later years.

I'm not sure I quite understand why people even bother with SIPPs? Is it just because they get a 20% or 40% boost from their tax and means they are investing more?

Does it not just make sense for me to invest in S&P 500, FTSE 100, Nikkei, DAX etc. on my own terms, meaning I can have access to my funds whenever and I'm not capped at how much I can invest?

Sorry if I'm missing something obvious. I've no experience with pensions or stocks.
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Report Gin August 7, 2017 1:19 PM BST

Explains some of the advantages of Sipps - although as a non-taxpayer the conclusion doesn't apply to you.
Report Gin August 7, 2017 1:20 PM BST
Report Gin August 7, 2017 1:26 PM BST

Worth a read also.....
Report A_T August 10, 2017 9:03 PM BST
with a SIPP you can get your pension at 55
Report eightbo August 12, 2017 11:05 PM BST
Report johnnythebull April 19, 2018 11:15 PM BST
Report unitedbiscuits April 26, 2018 12:55 PM BST
You can have a SIPP AND select your and manage your own investments. For example Xafinity Simply SIPP. With average fortune you may build a substantial sum for later in life when you will benefit from tax-advantages under the aegis of a SIPP. For example, 25% is available tax free through the lifetime of a SIPP.
It solves a lot of legacy problems. Of course, as a gambler, it may be your ambition to die penniless.
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