Savings

mcoops67

Hi Just a quick question, I cant believe im asking but what should I do with my savings ive worked so hard to get, should I take them from the bank and look after myself or risk getting taxed by the new government

la531983

You are aware stuffing money under your mattress earns the grand total of 0% interest, dont you?

Where has it been stated anyone is going to tax savings, please?

Middle_of_the_Road

mcoops67 said:

Hi Just a quick question, I cant believe im asking but what should I do with my savings ive worked so hard to get, should I take them from the bank and look after myself or risk getting taxed by the new government

Open an easy access ISA

https://www.moneysavingexpert.com/savings/best-cash-isa/

kempiejon

mcoops67 said:

Hi Just a quick question, I cant believe im asking but what should I do with my savings ive worked so hard to get, should I take them from the bank and look after myself or risk getting taxed by the new government

to protect cash from taxes and especially inflation spend it.

Bridlington1

mcoops67 said:

Should I take them from the bank and look after myself or risk getting taxed by the new government

Or another way you can look at it is:
Should you keep your money in banks where it can earn interest (even if the interest is taxed at 45% you will still earn some interest) or leave it at home where it is earns you nothing and is at risk of being stolen, never to be seen again?

I know exactly which of those options I would rather pick. Get it into savings accounts (preferably the ones that pay the highest interest rates) ASAP. It would also be a good idea to spread your money across a few different banks/building societies so that if you have issues with one (lost/stolen debit card, technical issues etc) you can still access some funds that are held elsewhere.

For some ideas as to where you could keep your money see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

https://moneyfactscompare.co.uk/isa/

la531983

Bridlington1 said:

mcoops67 said:

Should I take them from the bank and look after myself or risk getting taxed by the new government

Or another way you can look at it is:
Should you keep your money in banks where it can earn interest (even if the interest is taxed at 45% you will still earn some interest) or leave it at home where it is earns you nothing and is at risk of being stolen, never to be seen again?

I know exactly which of those options I would rather pick. Get it into savings accounts (preferably the ones that pay the highest interest rates) ASAP. It would also be a good idea to spread your money across a few different banks/building societies so that if you have issues with one (lost/stolen debit card, technical issues etc) you can still access some funds that are held elsewhere.

For some ideas as to where you could keep your money see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

https://moneyfactscompare.co.uk/isa/

I suspect the OP has read some misinformation that an incoming government would tax SAVINGS, of course tax on INTEREST already happens over a certain amount. He or she really needs to elaborate on what he or she has read, and where.

justwhat

it was the dude down he pub lol 

mark_cycling00

The new government will only do these things after a few years when it turns out that their magic ways of raising money from non doms and wealthy who can move to a different country don't work.

So you have a few years to max out ISAs and pensions (complicated area).

Kim_13

If you are worried, an ISA is your best bet. I suspect the earliest time at which allowances would be reduced would be the 25/26 tax year, and reducing the annual allowances going forward is a very different thing to removing them altogether. It would reflect badly on Labour to remove the very savings account they introduced in the first place. The Conservatives increased the ISA limit by more than inflation on occasion, but Labour also set up ISAs (in contrast to the Tessa they replaced I understand) to remain tax free year after year. Some had many thousands in ISAs by the time Labour left office.

wmb194

Kim_13 said:

If you are worried, an ISA is your best bet. I suspect the earliest time at which allowances would be reduced would be the 25/26 tax year, and reducing the annual allowances going forward is a very different thing to removing them altogether. It would reflect badly on Labour to remove the very savings account they introduced in the first place. The Conservatives increased the ISA limit by more than inflation on occasion, but Labour also set up ISAs (in contrast to the Tessa they replaced I understand) to remain tax free year after year. Some had many thousands in ISAs by the time Labour left office.

Isas weren't really a radical concept, they just rebranded/rolled together Peps and Tessas and simplified them a bit. You couldn't roll over the interest earned in a Tessa.

https://en.wikipedia.org/wiki/Tax-exempt_special_savings_account

DjangoUnchained

mcoops67 said:

Hi Just a quick question, I cant believe im asking but what should I do with my savings ive worked so hard to get, should I take them from the bank and look after myself or risk getting taxed by the new government

definitely  take them out, build an underground shelter and stock up on dehydrated food and water purification tablets.
and learn to speak russian