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    • fallenstar
    • By fallenstar 19th Mar 17, 11:28 AM
    • 36Posts
    • 9Thanks
    fallenstar
    Advice from sale of property
    • #1
    • 19th Mar 17, 11:28 AM
    Advice from sale of property 19th Mar 17 at 11:28 AM
    Hi all,

    I am about to complete on the sale of a property that will leave me with a cash amount that I am planning on using to extend a lease on another property.

    The process to extend the lease is ongoing and could be another 10-12mths before I will need to pay the total cost. Therefore I wish to keep the cash somewhere that I can both get access to easily when the times comes to pay the lease extension costs and grow at least some interest.

    The amount is substantial so also wasn't sure of the tax free allowance on savings and the relevant savings thresholds for each financial year.

    Any suggestions would be appreciated.

    Thank you.
Page 1
    • YorkshireBoy
    • By YorkshireBoy 19th Mar 17, 11:34 AM
    • 28,863 Posts
    • 16,634 Thanks
    YorkshireBoy
    • #2
    • 19th Mar 17, 11:34 AM
    • #2
    • 19th Mar 17, 11:34 AM
    Hi all,

    I am about to complete on the sale of a property that will leave me with a cash amount that I am planning on using to extend a lease on another property.

    The process to extend the lease is ongoing and could be another 10-12mths before I will need to pay the total cost. Therefore I wish to keep the cash somewhere that I can both get access to easily when the times comes to pay the lease extension costs and grow at least some interest.

    The amount is substantial so also wasn't sure of the tax free allowance on savings and the relevant savings thresholds for each financial year.

    Any suggestions would be appreciated.

    Thank you.
    Originally posted by fallenstar
    First suggestion would be to define "substantial".

    Are you wanting to avoid paying tax on the interest or maximise returns after any tax payable?

    You say "I", but are there two of you? In other words are we talking purely sole accounts for you, or sole accounts for another party and joint accounts too?
    • fallenstar
    • By fallenstar 19th Mar 17, 11:46 AM
    • 36 Posts
    • 9 Thanks
    fallenstar
    • #3
    • 19th Mar 17, 11:46 AM
    • #3
    • 19th Mar 17, 11:46 AM
    Substantial would be over £25k.

    If possible, it would be interesting to see what are my options with both - avoiding tax and maximising my return. For a relatively short period, I would be leaning towards getting the most out of my savings.

    It's just a single account, as in just me.
    • YorkshireBoy
    • By YorkshireBoy 19th Mar 17, 12:01 PM
    • 28,863 Posts
    • 16,634 Thanks
    YorkshireBoy
    • #4
    • 19th Mar 17, 12:01 PM
    • #4
    • 19th Mar 17, 12:01 PM
    All you need to know is here...

    http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?_ga=1.220416472.1765389669.1474723913

    Best savings accounts, personal savings allowance (PSA) details, and suggestions as to which accounts.

    You won't maximise your return without using high interest current accounts. However, you may consider it's not worth the hassle for such a short timescale.

    If the returns will push you over the PSA then maybe consider a cash ISA.
    • fallenstar
    • By fallenstar 19th Mar 17, 3:47 PM
    • 36 Posts
    • 9 Thanks
    fallenstar
    • #5
    • 19th Mar 17, 3:47 PM
    • #5
    • 19th Mar 17, 3:47 PM
    Great thank you.
    Last edited by fallenstar; 19-03-2017 at 3:48 PM. Reason: Took out the emoji
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