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Sam
Sam, Accountant
Category: Tax
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I have a monthly income from buy to let property which adds

Customer Question

I have a monthly income from buy to let property and a state pension and an annuity that has matured.I have made enquiries about cashing in my annunity pension worth £28000 .I would take £7000 out which is tax free and transfer the remainder into an isa or my e savings which I can draw out of when I need it. This remainder will be taxed at 20%. And leave me with about £15000-£16000.
Do I still have to pay tax on my self assessed tax return for this annunity pension as I shalI have already paid tax upon withdrawal as my earnings as a landlady are classed as if I was still working.?
I want to insure that my children and grandchildren do not have to use my estate to pay nursing home fees if I have to go into a care home in the future.
Is it possible to put my properties in a trust (in the names of my grandchildren) which allows me a monthly income until I die.?
Submitted: 2 years ago.
Category: Tax
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola

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