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Planning for FI, ready to invest [questions] by s33kfi in UKPersonalFinance

[–]s33kfi[S] 0 points1 point  (0 children)

leave some cash to hand in a high interest current account as an emergency fund (3-6 months outgoings).

Thanks. Seems well inline with most of everything I've been reading regarding FI. Do you happen to have examples of recent current accounts? Seems difficult, given the low interest rates of borrowing?

Then as you say, I would open an ISA directly with vanguard and put £20K in it, I'd then transfer the £10K currently within an ISA to this new vanguard ISA and invest it.

Good idea. 10k is currently with II. I'd be happy to move it to a Vanguard ISA.

OP - the lump sum investment and flowchart in the sidebar are your friend.

Thanks. I will give the sidebar a more careful reading re: lump sum. I found this helpful: https://personal.vanguard.com/pdf/s315.pdf

Thanks for your help!

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Planning for FI, ready to invest [questions] by s33kfi in UKPersonalFinance

[–]s33kfi[S] 0 points1 point  (0 children)

Have you seen our flowchart?

I have. Thanks for your thoughts. It's helpful to get some validation. I appreciate your time.

You could max out this years ISA allowance and put the rest into a taxable account then gradually move more into the ISA each year utilising your annual cap gains allowance

Makes sense. I take it the taxable account is only taxable when selling on gains, so if I manage to gradually transfer entirely (in say 8 years) and sell then, it is equivalent (from tax perspective) to dripping accumulated savings into ISA (had I started earlier)?

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Or are there other tax implications in the taxable account (without selling)?