Tax Exempt Savings Plans [TESPs]

planteria

i think you are right, innovate: to have enough money spare to invest a full ISA allowance requires a decent business or employed role. but for those that do, some of them invest in a TESP alongside. i know a few of them. good to see you are still here:D

planteria

patientperson, is there a 'season' for updates re. your TESPs?
ive received SHP and Bond statements in the last few weeks.
are your TESPs generating statements at the end of the tax year, or are they based upon anniversary date?

patientperson

Possibly all Friendly Societies have different routines but looking to my own TESP's I can advise that Kingston Unity, Healthy Investment and Sheffield Mutual send out a yearly update calculated to 31st December. I expect you will receive these a few months into the following year.

Druids Sheffield do not issue an update but the original benefit amount (Table 20 in my case) is guaranteed and at 2009 the literature quoted a bonus is also payable at maturity and 25% was the figure operative at that time.

planteria

thanks pp,

calendar year suits me fine.

Druids are a different animal for sure..

patientperson wrote: »

..a bonus is also payable at maturity and 25% was the figure operative at that time.

25% guaranteed uplift at the end of the policy? :lovethoug

patientperson

planteria wrote: »

Druids are a different animal for sure..
25% guaranteed uplift at the end of the policy? :lovethoug

Yes .. but that was the figure a few years ago .. perhaps their product now uses a different Table number and final bonus is no longer 25%.

patientperson

Looking at these sites for the new current account paying 4% interest on £3000 I spotted that the banks are introducers for Engage Mutual Assurance (Homeowners Friendly Society).
I presume that these banks are quite happy to introduce these much maligned plans.

http://www.ybonline.co.uk/personal/savings/

http://www.ybonline.co.uk/personal/savings/tax-efficient-savings/vision-tax-exempt-savings-plan/

http://www.cbonline.co.uk/personal/savings/

http://www.cbonline.co.uk/personal/savings/tax-efficient-savings/vision-tax-exempt-savings-plan/

jimjames

patientperson wrote: »

Looking at these sites for the new current account paying 4% interest on £3000 I spotted that the banks are introducers for Engage Mutual Assurance (Homeowners Friendly Society).
I presume that these banks are quite happy to introduce these much maligned plans.

With all the mis-selling scandals involving banks I wouldn't necessarily see their promotion as being a positive step!

planteria

"Vision Tax Exempt Savings Plan
Make the most of your tax exempt savings allowance

Did you know the government gives you a tax exempt savings allowance in addition to your ISA allowance? If you’re a UK resident aged between 16 and 74 you can save £25 a month into a plan like Vision.

You can also take out a plan for any child under the age of 16. More information on the Vision Tax Exempt Savings Plan for Children.

Tax exempt savings plans are only available from friendly societies. Vision Tax Exempt Savings Plan is provided by Engage Mutual Assurance, one of the UK’s leading mutual friendly societies."

TESPs for all pp:T

planteria

25% bonus:T

jimjames

planteria wrote: »

"Vision Tax Exempt Savings Plan
Make the most of your tax exempt savings allowance. Did you know the government gives you a tax exempt savings allowance in addition to your ISA allowance? If you’re a UK resident aged between 16 and 74 you can save £25 a month into a plan like Vision.

You're plugging it again when we still don't know who would want or need a tax free allowance of £25 outside of their ISA.

Before posting ads like that can you finally please explain why someone who has filled their ISA would need a £25pm plan when the tax free status is irrelevant to basic rate taxpayers?