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Joint Account Tax
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usernameinuse wrote: »I meant to ask about CGT. Is this something that will affect me,
Not unless you're making gains on capital / assets? If you're holding everything in cash - then that's not the case?For example, current rates suggest a 3.5% inflation, which for an account with £170,000 in it for five years at 4.51% APR .
If you've suddenly acquired money and are enhancing your lifestyle then your personal inflation rate will be more. Probably much more. And you don't get 4.51%. Tax immediately reduces it to 3.6%. And that assumes neither of you have earned income over £25k .... in which case you're in 40% territory and the rate you get reduces to 2.7%. So you're saving negatively.so would no doubt have to seek advice from an IFA.
......... I'd suggest sooner than later?If you want to test the depth of the water .........don't use both feet !0 -
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