What is the best tax options for savings

alansbargains

Hi everyone I have £90 k in savings and I am looking for the best savings products to avoid or minimise the amount of tax that I have to repay, I appreciate  your help.

Alan

SacredStephan

£50K in Premium Bonds, £20K in an ISA before 5th April, £20K in an ISA on/after 6th April. No tax is payable on the prizes/interest/investment returns.

DRS1

Are you UK resident?
Have you paid the maximum into an ISA this tax year?
Have you contributed the max to a pension this tax year?
If the answer to both is yes then look at low coupon gilts. 

alansbargains

SacredStephan said:

£50K in Premium Bonds, £20K in an ISA before 5th April, £20K in an ISA on/after 6th April. No tax is payable on the prizes/interest/investment returns.

Thanks for advice , I appreciate it

alansbargains

SacredStephan said:

£50K in Premium Bonds, £20K in an ISA before 5th April, £20K in an ISA on/after 6th April. No tax is payable on the prizes/interest/investment returns.

DRS1 said:

Are you UK resident?
Have you paid the maximum into an ISA this tax year?
Have you contributed the max to a pension this tax year?
If the answer to both is yes then look at low coupon gilts. 

I am a UK citizen and appreciate your advice, I will look at taking out 2 ISA's one now and one in April , I will ask my wife to do the same 

Dazed_and_C0nfused

alansbargains said:

SacredStephan said:

£50K in Premium Bonds, £20K in an ISA before 5th April, £20K in an ISA on/after 6th April. No tax is payable on the prizes/interest/investment returns.

Thanks for advice , I appreciate it

Minimising or avoiding tax isn't always the best option financially.

You should really aim for the best net return.

So if you can get a normal savings account paying 6% but the best Cash ISA rate is say 4% then the normal account will actual return 4.8% once basic rate tax is factored in.

Although at the moment I think Cash ISA rates are good enough that you can probably find an ISA that will achieve your aim and give the best net return.

DRS1

alansbargains said:

SacredStephan said:

£50K in Premium Bonds, £20K in an ISA before 5th April, £20K in an ISA on/after 6th April. No tax is payable on the prizes/interest/investment returns.

DRS1 said:

Are you UK resident?
Have you paid the maximum into an ISA this tax year?
Have you contributed the max to a pension this tax year?
If the answer to both is yes then look at low coupon gilts. 

I am a UK citizen and appreciate your advice, I will look at taking out 2 ISA's one now and one in April , I will ask my wife to do the same 

Do bear in mind that it is residence which is key not citizenship.

Albermarle

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