We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Savings interest and avoiding tax
Comments
-
I agree (mostly) even with paying 40% on it - have been paying that for years on interest, certainly wouldn't start trying to give it people to look after just to save a few quid - more hassle than dealing with the taxmanBigwheels1111 said:Just pay the tax job done.
Three years ago you would have got £1500 on 100k.
Now best part of 5 0r 6k.
I'm breaching the 10k limit and will need to file a self assessment return next year.
I'm so happy about it.
3 years ago I got 3k, now over 12k.
Even if I had to pay tax I would still jump for joy.
But no tax for me.1 -
Sadly, nobody can be 100% trusted to stay alive and if you give your relative the money without any accompanying paperwork then you lose the money if they die.Reed2
-
No spouse? They have their own savings tax free allowance and (could be) slightly safer.
2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards