How can I invest 100,000 in the most tax efficient way when I have maxed out my ISA?
Can I invest in funds in a GIA and not pay tax on it until I cash out? I’d like to invest in a GIA (not pay tax on tbe funds as I’m not receiving any profit from it) and then eventually move the fund to ISA when I retire early. How can I achieve this?
If not possible, whats the most tax efficient way to invest my savings?
I earn around 130,000 a year with bonus. I have around 100,000 just in an account not invested anywhere for 6 years! I feel so stupid for not investing this amount sooner. However, I have heard that if I invest in a GIA, I need to pay tax even if I invest in accumulative funds. I don’t want to put all in pensions as I’d like to retire or work 3 days a week within next 10 years.
Expenses have increased due to having a kid and my salary will reduce to 102,000 from next year due to reduction in hours.
Here is my current portfolio:
Pensions value: 220,000 GBP
ISA: 145,000 GBP
Other savings: 115,000 GBP
Homeowner, with a mortgage.
Huge thanks for any advice, tips and thoughts.