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Paying into Son's LISA
Hello Just looking at tax efficient ways to save on inheritance tax and other bits and pieces. Although my Son has bought his first house, his LISA remains open and my understanding is that he can access at 60, or before losing 25%. I think a very simple way of helping him and a little present to him when he is 60 (Maybe…
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Interest/tax starting rate
Hi my saving interest for 23/24 is 9027 and my income 11453. How do I work out my tax liability. I looked on my Personal tax acct and found the banks had not informed them previous years. Will I be better self assessment, worse still will they think I am trying it on. I am not, I will pay what I owe. Just trying to…
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Confirmation of Payee - Santander refusing to send ISA sub to Virgin Money
Help! Santander said - "I have looked and it appears that the account you are attempting to send the payment to is not registered with confirmation of Payee so we were unable to verify that the payment was going into an account in your name. It appears this is the reason the transaction failed." It now looks as if I am…
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Tax on Savings Interest
Currently in a situation where i have a low income but large savings. My yearly taxable income is currently approximately £7155.00 I have around £210,800.00 in a chase savings account (recently opened) which pays a taxable interest rate of 1.5% I believe i would be entitled to the savings interest tax free due to my low…
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Best Investment options for higher amounts?
Later in the year I’m likely to have in excess of £100k savings along with £1k per month and would be interested in knowing what my bests options would be to invest this money. As a bit of background I have used £100k of my end salary pensions 25% tax free allowance to fund the purchase of a new house whilst my existing…
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Retirees -- Day 1 -- Bull or Bear Market...
Two questions for actual retired folks... 1. On the day 1 you retired, was Wall Street / FTSE in a bull or bear market? 2. What was your experience of your pension pot in the (say) 1-10 years after you retired? Most commentators say never retire in a bull market... But curious to hear real-world experiences on it from the…
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Accumulation unit - Switches and CGT
I would like to switch my holding from accumulation and income units. On the Vanguard account there is a switch option, but with further research I understand this is a sell and buy and will trigger a CGT event. I understand that some providers do offer a genuine switch. My question is can I do a partial transfer from a…
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Moving to Vanguard to save on investment fees
I am a novice when it comes to investments so have relied on a financial advisor to date. I have a pot of around £200k split between a stocks and shares ISA and SIPP. Recent review of costs are working out at 2.1% which seems high in comparison to the Vanguard Life Strategy portfolio. I’m inclined to move but obviously…
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Bond funds or ETFs
I am currently doing a bit of house keeping on my portfolio. I have decided I should increase my bond exposure. Currently I have my limited exposure split between Invesco Perpetual Tactical bond, Vanguard Global Agg Bond Acc. (VAGS) and iShares £ Corporate Bond 0-5yr (IS15). I am considering selling the Tactical Bond,…
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AI enabled saving apps
Hi, I think it's great if an app can find out where you can save money and then automatically save some for you as every penny saved helps. However, I am scared to allow an AI enabled app that is monitoring my spending habits and has access to all my money/bank accounts. Am I being overly cautious. The app I am thinking…
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Inflation, Interest Rates, yield curves, instant vs fixed rate savings & gilts
Sharp fall in inflation today to 3.4% & IIUC expected to fall further over the next couple of months as the energy cap reduction takes effect. Despite the slightly hawkish rhetoric from the MPC I think it's unfathomable that they'll keep rates high for much longer. I think they'll cut soon and in at least 0.5% chunks. My…
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Help to save
Hi is anyone familiar with the government help to save scheme? In a months time I would’ve been in the scheme for two years I will have saved the maximum amount of £1200, giving the £600 bonus. I am confused about how it pays out. I understand the bonus goes straight into my bank account and not the help to save account…
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How does compound interest work with investing eg accumulation funds?
Sorry if this has been answered before. I keep reading how great compounding is over the long term etc. I understand this in relation to savings interest (good) and in terms of the fees on investing compounding (in a negative way) but how does compounding help in terms of where you invest in a fund eg an accumulation fund.…
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Great British Invest off or Passive V Active Updates
For those who are curious to compare their Passive or Active investment strategies I'm starting a new thread today with monthly updates (Bottom lines only in £). For details see http://forums.moneysavingexpert.com/showthread.php?t=5719517 Monthly updates on portfolio values should be posted here. As we are now into the…
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Best way to save for kids uni costs?!
Please can I have some guidance. Got 3 kids between ages of 3 and 8 so I have 10 years approx before they start going off to uni. I suppose they will get loans for the fees and maintenance loans, but according to Martin I will have to give them about £5k per year each to live off. What's the best way to raise this money?!…
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Personal savings allowance and staying out of higher rate tax band
I hope someone can help. My husband got a payrise putting him £2k into the higher rate threshold. He has decided to put money into his pension to bring it down to meet the top of the banding. He however also earns £1000k a year in interest from savings. How does this affect him? Does the £1k count as income and therefore…
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Closing a Cash ISA - Is it taxed?
I have two cash ISA's. One set up late March 2023 that's just matured, and one set up on April 6th 2023. I don't want to let the funds roll into another ISA, and would like to close the accounts upon maturity. Will the interest be taxed the moment the money leaves the ISA and goes back into my current account? If so, what…
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General Discussion and Whimsical Banter
It was only a matter of time. Personally I've never minded the off-topic comments in the main threads to discuss top easy access and regular savings accounts, but I can see it's becoming a greater problem given that there just isn't a whole lot going on in the top end of the savings accounts market right now and possibly…
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LF Woodford fund - how will compensation affect claiming a capital loss
I am thinking of registering my capital loss for the LF Woodford fund with a view to claiming it against CG in this and subsequent years. How will the proposed compensation affect the capital loss
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Investing small amounts?
I have some extra money left over from our own personal money. I've set up a SIPP with vanguard for £25 pm. My pension isn't great with my employer so this is to boost that. I've another £25 pm I would like to invest in an ISA, was considering AJ Bell but at £1.50 per trade as well as platform fees it's too expensive.…