Saving large sum advice needed

Dazed_and_confused

This whole £1,000 interest "tax-free" is so misleading and often completely irrelevant. Simply because it isn't always needed due to the Personal Allowance and savings starter rate of tax.

Op's mum may have pension income of say £12k/year. Which means she can probably have £6,500 interest before any tax becomes payable. Could be less, could be more.

xylophone

The average stay is around two and a half years, which is just shorter than how long my Mum was in care.

Relative's relative (for whom he has PoA) went into a residential home at the age of 91 (with heart condition) and has just turned 97.......

In that time she has twice moved (from residential to care and then to nursing) - the fees have just increased and even after taking account of the nursing care component, are well over £62,000 a year.

capital0ne

Dazed_and_confused wrote: »

This whole £1,000 interest "tax-free" is so misleading and often completely irrelevant. Simply because it isn't always needed due to the Personal Allowance and savings starter rate of tax.

Op's mum may have pension income of say £12k/year. Which means she can probably have £6,500 interest before any tax becomes payable. Could be less, could be more.

Thats correct - my wife has pension imcome just below the allowance and she earns £2k+ interest tax free.

One advantage of being a non-tax payer is you can't tick that box on charities that asks to reclaim tax on your behalf!

greenglide

One advantage of being a non-tax payer is you can't tick that box on charities that asks to reclaim tax on your behalf!

In what way is that "an advantage"???