Hi
My Dad is self-employed, aged 62 and has been advised to pay a once off pension contribution for tax reasons. The amount will be circa E30K. He has been advised that 1) if he invests this as a once off payment it can be tax effecient and 2) he will have immediate acces to the funds because of his age. While 1) is obvious is am no sure about the truth of 2).
Can someone please advise if this is the case and also we are looking for the best way to invest this assuming because of his age we wish to remain in cash.
Cheers
My Dad is self-employed, aged 62 and has been advised to pay a once off pension contribution for tax reasons. The amount will be circa E30K. He has been advised that 1) if he invests this as a once off payment it can be tax effecient and 2) he will have immediate acces to the funds because of his age. While 1) is obvious is am no sure about the truth of 2).
Can someone please advise if this is the case and also we are looking for the best way to invest this assuming because of his age we wish to remain in cash.
Cheers