ISA RATES DIPPED & Money Laundering Regulations? How much declaration?

juanmanuelmarquez

The likelihood that we will see any new ISA rates above 4% this year is remote, IMHO. Whether there will be any better rates in April than we have now - who knows. But I wouldn't hold my breath.


Well, im sure the rates rise a little when their is a new tax year, easy access may go to about 3% maximum and fixed term should be around 3.5%...4%...it usually starts off high then lowers down!

grey_gym_sock

juanmanuelmarquez wrote: »

i was wondering whether i would get taxed for having such a large sum. as it would be classed as income would it eventhough if ive sold my car etc...?

no, a large sum isn't treated as income just because it's large. and e.g. the proceeds of selling a car aren't income.

basically, if you can explain the source of the money, you will be fine. you don't necessarily have to have a receipt for selling a car. it will generally sound plausible, unless it's a surprisingly valuable car for somebody with your income.

large cash deposits will get more scrutiny than similar non-cash deposits.

jimjames

grey_gym_sock wrote: »

no, a large sum isn't treated as income just because it's large. and e.g. the proceeds of selling a car aren't income.

large cash deposits will get more scrutiny than similar non-cash deposits.

I'd be more worried about fake notes or being robbed than being suspected of money laundering if I was being paid £10k in cash for a car.

juanmanuelmarquez

ok, well i also have just opened the e saver with santander at 1.5% i think?...how do i calculate what i will receive each month is it by using the regular savings calculator?

im checking out what the new rates are going to be in april and if they are the same, then i will most likely invest in shares isa, the one where if shares go into the minuses my inital deposit of capital will not be affected. big risk, high reward but not losing my stake.....mainly with legal n general..what does everyone else think?

innovate

juanmanuelmarquez wrote: »

ok, well i also have just opened the e saver with santander at 1.5% i think?...how do i calculate what i will receive each month is it by using the regular savings calculator?

I think it should be illegal for people to open a savings account if they are unable to google for savings calculators.

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator

Biggles

juanmanuelmarquez wrote: »

ok, well i also have just opened the e saver with santander at 1.5% i think?...how do i calculate what i will receive each month is it by using the regular savings calculator?

As it isn't a regular saver, you don't use the regular savings calculator.

juanmanuelmarquez

innovate wrote: »

I think it should be illegal for people to open a savings account if they are unable to google for savings calculators.

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator

i think it should be illegal for people who comment on this forum, whos comments are not helpful!

innovate

Biggles wrote: »

As it isn't a regular saver, you don't use the regular savings calculator.

How do you know it isn't? And what would stop you from using the calculator in the link I posted, anyway?

What's more, what would stop you from posting the link to a more appropriate calculator?

juanmanuelmarquez wrote: »

i think it should be illegal for people who comment on this forum, whos comments are not helpful!

Quite. And the helpfulness of comments should be judged by how many "thanks" a poster has received.

ses6jwg

Deposting more than £10k in cash usually sets alarm bells ringing for any bank staff.

There is very little need to use cash for such amounts when there are plenty of alternatives avaliable.

Unless of course you bank with Lloyds, who can't even do a BACS in branch.

juanmanuelmarquez

ses6jwg wrote: »

Deposting more than £10k in cash usually sets alarm bells ringing for any bank staff.

There is very little need to use cash for such amounts when there are plenty of alternatives avaliable.

Unless of course you bank with Lloyds, who can't even do a BACS in branch.

Well, i have heard bad reviews about Lloyds and Santander, so im not surprised to be honest!