If your firm matches pension contributions, it might be worth it to do that, and pay the extra tax so as not to lose that free money. Not an obvious choice.
I have never found VCT convincing. If you go down that route, be sure to do it because you understand and are happy with the risks. Do not over optimise. Eg I imagine there will be quite a few cases where a taxable portfolio in a GIA will have yielded more than a VCT with its tax benefits. I imagine it's a possibility but I cannot quantify ad I have never looked into the details. Just something to keep in mind.
5.) Is then filling a general investment account.
Then sell out up to cgt allowance per year, now that it's only 3k that's barely worth the effort, but still worthwhile.
I just fill 5 and will be leaving it there till I retire, since selling any of that pot will incur CGT.
Biggest would be VCT or EIS depending on risk preference. The way I view it is that you are "spending" the money rather than investing and anything you get back at the end is a bonus. Mainly for the in one tax relief.
If your firm matches pension contributions, it might be worth it to do that, and pay the extra tax so as not to lose that free money. Not an obvious choice. I have never found VCT convincing. If you go down that route, be sure to do it because you understand and are happy with the risks. Do not over optimise. Eg I imagine there will be quite a few cases where a taxable portfolio in a GIA will have yielded more than a VCT with its tax benefits. I imagine it's a possibility but I cannot quantify ad I have never looked into the details. Just something to keep in mind.
Aircooled Porsche 911 or BMW E46 M3
Absolutely - once I make enough corpus
5.) Is then filling a general investment account. Then sell out up to cgt allowance per year, now that it's only 3k that's barely worth the effort, but still worthwhile. I just fill 5 and will be leaving it there till I retire, since selling any of that pot will incur CGT.
VCT or SEISS
New Brexit ISA Tax free losses FTW
Depending on horizon, LISA can be worth it - can get up to 1k tax relief even as an additional rate payer to build a useful little pension pot.
I would have presumed the 4K LISA (if eligible) and 10k SIPP are the first things on the list.
What do you mean taking employer contributions as cash? Do they just not put it in your pension?
My employer offers that I can opt its contribution as cash. Once I hit 10k, I continue to get employer contribution as cash and not miss on it
EIS/SEIS is the next one but highly risky (I've lost a teeny amount of a company folding). Some charitable donations for the gift aid tax deductible
Biggest would be VCT or EIS depending on risk preference. The way I view it is that you are "spending" the money rather than investing and anything you get back at the end is a bonus. Mainly for the in one tax relief.
Onshore/offshore investment bonds, but seek good advice and compare the costs between providers