ISA vs SIPP: which is best? Well, that depends on what you need and when
With a SIPP, you get tax relief, so if you pay in £80 as a basic-rate taxpayer, the Government will top it up to £100. But like any pension, this is tied up until you hit 55 and everything you withdraw after the first 25% will be taxed as income.
Whereas if you put £80 into an ISA, that’s it. But you can withdraw this money, tax-free, at any time.
With both ISAs and SIPPs, the longer you invest, the more your money is likely to grow – tax-free, of course. So, it might suit you to invest in both.
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