Savings evidence

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Hi,



my daughter has £17,000 in savings which has accumulated over the past 5 years as cash gifts from family and friends.



She is hoping to be a first time buyer in the next 3 years..




From her own salary she has saved a her own deposit and this can be accounted for from bank statements. But she has no evidence of proof for the above sum.. How does she proves this please? Many thanks in advance.
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  • Keep_pedalling
    Keep_pedalling Posts: 16,774 Forumite
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    She should not need to having held those savings for that number of years.
  • badger09
    badger09 Posts: 11,247 Forumite
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    She should not need to having held those savings for that number of years.

    Assuming the £17k is held in bank/building society accounts, rather than cash:cool:
    snoop2008 wrote: »
    Hi,



    my daughter has £17,000 in savings which has accumulated over the past 5 years as cash gifts from family and friends.



    She is hoping to be a first time buyer in the next 3 years..




    From her own salary she has saved a her own deposit and this can be accounted for from bank statements. But she has no evidence of proof for the above sum.. How does she proves this please? Many thanks in advance.

    Where is the £17k held?

    Has she opened a HTB ISA? If not, why not?

    Where does she bank?

    Has she read this?

    http://www.moneysavingexpert.com/savings/
  • snoop2008
    snoop2008 Posts: 611 Forumite
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    Hi
    She has a Britannia savings account where the money is held. She is waiting for the new tax year to open a lifetime Isa. She banks with Santander. Excluding the £17,000, her own savings are around £87.000 to date.


    We was aware of the HTb isa but left her money in the bank, until she heard of the LISA. I will read the link you kindly added.


    So any advice please on how to prove the savings in the Britannia account?


    I'm afraid we don't have too much knowledge about isa and LISA, that's why her savings are in a 123 account with Santander.
  • masonic
    masonic Posts: 23,490 Forumite
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    To whom does she need to prove it and why? Can she not obtain account statements from Britannia?
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    snoop2008 wrote:
    She banks with Santander. Excluding the £17,000, her own savings are around £87.000 to date.
    snoop2008 wrote: »
    So any advice please on how to prove the savings in the Britannia account?
    Who is asking for them to be 'proved'? They have been there for up to five years. Eight years if it is three years before she buys. She has 87000 of her own savings and these 17000 of gifts. As she carries on saving at the same pace, the gifts will be well under their current 16% of her total deposit. Probably nobody will be bothered when in three years' time she is buying a house and she says its all money she's been saving for years and she shows her last 3 years of bank statements and the money's been there all along.
    I'm afraid we don't have too much knowledge about isa and LISA, that's why her savings are in a 123 account with Santander.
    Presumably they are not all in a 123 account given you are saying she has £87000 and the account only pays interest on the first £20,000.

    If you don't have too much knowledge about the help to buy ISA and LISA, suggest you get some. She can put £1400 into the HTB ISA before the end of the current tax year (£1000 on account opening and £200 for March and £200 for early April) which after transfer into the LISA will give her £350 of extra bonus when she buys her qualifying property.
  • Voyager2002
    Voyager2002 Posts: 15,336 Forumite
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    snoop2008 wrote: »
    Hi
    She is waiting for the new tax year to open a lifetime Isa.

    Why wait?

    She is allowed to save a certain amount, tax-free, each year. If she does not put the amount into an ISA-type account by the end of the tax year then her tax-free allowance is lost for ever.
  • Sceptic001
    Sceptic001 Posts: 1,111 Forumite
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    masonic wrote: »
    Can she not obtain account statements from Britannia?
    Britannia are a bit stingy with statements. Rather quaintly they still seem wedded to the old-fashioned passbook, which you have to remember to post to them each year to get the interest "made up".

    Does OP's daughter have a Britannia passbook somewhere?
  • masonic
    masonic Posts: 23,490 Forumite
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    Sceptic001 wrote: »
    Britannia are a bit stingy with statements. Rather quaintly they still seem wedded to the old-fashioned passbook, which you have to remember to post to them each year to get the interest "made up".

    Does OP's daughter have a Britannia passbook somewhere?
    How quaint ;)

    If she can't get the information using a passbook, then a Subject Access Request under the Data Protection Act should do the trick, although she might have to pay £10.
  • snoop2008
    snoop2008 Posts: 611 Forumite
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    Vogager 'why' wait, simply because of a lack of full awareness regarding tax allowances and isa, lisa.. I cant remember where I have been reading, its all confusing, or more like I have confused myself.











    Bowlhead thank you for your comment.. I read on here by the link time Is running out to put the tax free savings into an isa , I believe its 20000 this year. We both have a lot to learn.. and I didn't know who to really talk to , to get financial advice.. My daughter and I have just ignored learning these things..



    To be honest.. I think I am getting confused between, gifted deposit , inheritance tax etc.. I thought because my daughter was given these money gifts it came under the categories of inheritance tax, some thing to do with passing on a property.. as you canssee, my head is all over the place with information on the net. Neither myself or my daughter understood personal allowance tax free saving. The proof or evidence I have got confused about is inheritance tax. I read a post somewhere that people keep receipts, and this was my concern. Hope this makes sense.





    Masonic and Sceptic,, will take your good advice too!! I need to go do some reading about personal allowance savings.. and ask my daughter to hurry up and open that isa that Vogager and bluehead have talked about..













    Thank you so much everyone for you explanations and time.
  • badger09
    badger09 Posts: 11,247 Forumite
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    snoop2008

    May I suggest both you and your daughter have a browse around here

    https://www.moneyadviceservice.org.uk/en


    Forget about IHT & gifted deposit - not relevant.

    This year's ISA allowance is £15240, next year's (starting 6th April 2017) is £20000.

    The point about your daughter opening a HTB ISA now is that she can depoist £1200 in March and another £200 between 1st and 5th April. That way, she already has £1400 which attracts the govt bonus when she comes to buy her property.

    For the rest of her savings, consider the links in my earlier post.

    She can then consider a LISA when they are launched next tax year. If she doesn't act very soon, she'll be wasting £350 free money:(
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