£50 Cashback with NatWest or RBS Invest

schiff

There is an age limit! 

alewin

schiff said:

Most people will know that their CGs for the year will almost certainly be below the annual limit of £12,300 so no need for keeping records of CGs.

I'm tempted by the cashback but don't want to end up messing up my tax return. I do a self assessment every year and have already invested into an ISA this tax year by taking advantage of the market downturn during April.

As they are acc funds wouldn't the dividends/interest already be included in any capital gains, (value sold - value bought - platform fee), or do I need to declare the dividends in the self assessment anyway (when I get the info from Natwest)?

Might be too much trouble than it's worth.

Dandytf

Is rbs Invest available from 100 pounds then 25 pounds per month.
Could be interested in addition to recent HL Isa.
Edited rbs is from 50 pounds per month.

Zanderman

alewin said:

schiff said:

Most people will know that their CGs for the year will almost certainly be below the annual limit of £12,300 so no need for keeping records of CGs.

I'm tempted by the cashback but don't want to end up messing up my tax return. I do a self assessment every year and have already invested into an ISA this tax year by taking advantage of the market downturn during April.

As they are acc funds wouldn't the dividends/interest already be included in any capital gains, (value sold - value bought - platform fee), or do I need to declare the dividends in the self assessment anyway (when I get the info from Natwest)?

Might be too much trouble than it's worth.

Not sure why you think this would mess up your tax return and therefore be too much trouble.

If you already have an ISA this year then invest in a General Investment Account (still part of the promotion).

If you're worried about CGT you'd only pay it if you reached the annual limit of £12,300 which, for most people, is unlikely.

And if you wanted to avoid worrying about CGT anyway you'd choose portfolios 1 or 2 -profits of which are classed as interest.  And interest is not a worry either, unless you reach the tax threshold on that which, again, for most people is unlikely.

And if you are one of those people who do reach the CGT or interest tax threshold your tax return will already be fairly busy, so this won't make much difference.

If you're worried about the £50 cashback and your tax return don't be, cashback is never taxable.

Have a look at https://personal.natwest.com/personal/investments/natwest-invest/how-are-my-investments-taxed.html

afis1904

I was gonna open a GIA for the cashback. Given that the value would be quite low is there any need to do a tax return and what's the threshold for that?

thenewcomer

For natwest, am I right that to open a S+S GIA, it has to be done on its website and not available on its app?

ischris85

ischris85 said:

colsten said:

ischris85 said:

Just to note on this, I couldnt see anyway to delay the first monthly contribution. Anyway I have set it to end of the month contributions.

You can "Stop monthly contributions for this investment", and then put it back to £50 a month in August.

Thank you Colsten. Hopefully that doenst break the below term

"you don’t cancel your regular monthly contribution instruction at any point before 1 November 2020"

Update - in case anyone has made the same mistake
I phoned Natwest Invest today and they said I would no longer be eligible now because I stopped the contributions nevermind 

colsten

How annoying. At least you found out before depositing more.

tomla

ischris85 said:

ischris85 said:

colsten said:

ischris85 said:

Just to note on this, I couldnt see anyway to delay the first monthly contribution. Anyway I have set it to end of the month contributions.

You can "Stop monthly contributions for this investment", and then put it back to £50 a month in August.

Thank you Colsten. Hopefully that doenst break the below term

"you don’t cancel your regular monthly contribution instruction at any point before 1 November 2020"

Update - in case anyone has made the same mistake
I phoned Natwest Invest today and they said I would no longer be eligible now because I stopped the contributions nevermind 

Which update is correct? 10th July where NatWest told you that you were eligible if first contribution before end of August or this one where you are not?

ian1246

Opened a general investment account, medium risk - £100 initial investment, £50 per month on the 15th of each month. This is going to be fed from our reward NATWEST account - which is a joint account. Will cancel the monthly contribution in November.

The investment seems to just be in my name (Linked to my online banking. Wife has her own different online banking). Does anyone know if she were to also invest, would she also be eligible for the cashback offer (never had any investments with Natwest before) - or would only one of us get the cashback (due to both investments coming from one account?).