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Improve your returns with some tax planning

Our reader needs to undertake some careful planning to ensure he doesn't breach his pensions lifetime allowance
Improve your returns with some tax planning

Tony Hill is 61 and retired. He has a number of sources of income, including a level annuity with Standard Life that pays him £7,400 a year. He also receives dividends of about £4,500 a year from UK shares worth about £110,000 held in a trading account with Barclays, dividends worth around £8,000 a year from a portfolio worth about £165,000 held in an individual savings account (Isa), rental income of £6,600 from a mortgage-free property and interest of about £600 a year from a cash deposit of £60,000.

Reader Portfolio
Tony Hill 61
Description

Sipp, Isa & trading account

Objectives

Income of £45,000 a year

Portfolio type
Managing tax

His stakeholder pension, which was bought in September 2012, was valued at £215,141.19 and used up 14.33 per cent of the standard lifetime allowance.

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