Living off my savings and sharedealing

Lokolo

Rollinghome wrote: »

Ah fine.

Given your vast experience and great depth of knowledge it comes as a surprise that you need to ask for help on a message board on how to organise your finances for income and whether you would pay tax on £6000 of interest. Most ace investors such as yourself would generally know such things.

The OP also has maximum amount in... premium bonds....

And says

You can earn £6,000 something before paying tax

I am sure anyone who invests or works in financial sector will know the income tax allowance!

Rollinghome

Lokolo wrote: »

I am sure anyone who invests or works in financial sector will know the income tax allowance!

Probably just forgot.

bobbyj_2

rollinghome what's bugged you ?

I don't work in the financial sector. Gosh how pompous and up themselves some people are! Seems your nose has been placed out of joint and sorry for asking questions re tax just thought as it was a forum i was allowed to ask. I'd be more than grateful if you left my thread thanks, as already requested, run along please.
ps I know the basic income tax allowance, the question was can i use this allowance with savings interest? Question not directed at Lord pompous, thanks!

Lokolo

bobbyj wrote: »

rollinghome what's bugged you ?

I don't work in the financial sector. Gosh how pompous and up themselves some people are! Seems your nose has been placed out of joint and sorry for asking questions re tax just thought as it was a forum i was allowed to ask. I'd be more than grateful if you left my thread thanks, as already requested, run along please.
ps I know the basic income tax allowance, the question was can i use this allowance with savings interest? Question not directed at Lord pompous, thanks!

I didn't say you did work in finance, there was an or in my post, but anyway. Just seems a bit weird someone who has earnt £500k (it is a lot of money to earn!!) from trading and is now asking for investment help. I just find it odd thats all.

bobbyj_2

wasn't replying to you!! Wasn't asking for help merely ideas, please read thread!!!!

Charterhouse

500k in shares and bothers investing in premium bonds? I smell a rat.

jamesd

Interest and dividend income count towards your income for income tax purposes unless it's within an ISA or pension. Dividend income from VCTs acquired at offering time are not taxable. The income taken from a pension would count if you were old enough to draw income from one.

bobbyj_2

thanks james that's what i thought.

bobbyj_2

Charterhouse wrote: »

500k in shares and bothers investing in premium bonds? I smell a rat.

what a pathetic comment, what's wrong with sticking 30k in prem bonds? A crap investment i'd agree but always the chance of a big win and I don't miss 30k. Jeeez. Oh and another pleb who has failed to read the thread, where have i mentioned 500k solely in shares?????? Don't reply if you want to try and play the smart !!!!.

sabretoothtigger

the idea of sticking £200,000 in BP. VOD and RDSB for yield.

Might as well buy a ftse tracker since they are so cheap. Dont spend it all at once, setup a budget so you can rebalance any mistakes later