Halifax ShareSave scheme Help

spurs1234

Hi all , just a quick question , Ive been doing the halifax share save scheme for 2.5 years and managed to save £2500 but i now need the money and would like to withdraw it, however i would like to carry on saving until the end of the term with is another 2.5 years ,is this possible or will i have to close the account completely when i withdraw ?

Any help would be great thanks guys...

multimillionaire

Are you talking about a company sharesave scheme ?

If so....each scheme has differing rules but "generally" function in the same manner.

Sound like your in a sharesave option scheme, where you save money monthly - at the end of the 5 years you then use the money to purchase shares at a pre-defined discounted price (known as the option price) as set at the begining of the scheme when you starting saving...

Personally, depending on the company and the option price it might be foolish attempting to release the value early. Could be worth lots more....or may not be worth carrying on,....and releasing the cash (if needed) is perhaps worth considering.

The choice is your....but you need to know more about your schem that you are in.

regularsaver1

you would need to approach your company as it is automatically taken out of your wages and then forwarded on - it is only run by Halifax so no point asking them

i have 2 sharesaves - 1 of a 5 year term and another at 7

Boswell_2

I don't think you can do this whoever runs the sharesave scheme. All the approved ones are governed by Inland Revenue Rules (because the bonus at the end is paid tax free).

They may let you skip up to six payments and make them up at the end and delay the maturity of your account by one month for each month missed.

On the Halifax website somewhere is a sharesave prospectus which covers all the what you can do's.

Edited to say: the HMRC Website has a FAQ page which might help you...... http://www.hmrc.gov.uk/shareschemes/saye_faqs_ees.htm