ISA or Gold?

Belfastboy51

I have recently been looking into putting 20K into an ISA which is the full amount for the year. I had a 3 year fixed term saving's account with Nationwide and it matures in Sept 25. The bank informed the HMRC of my savings and interest gained for the 3 years and I recently noticed that the HMRC changed my tax code at work. It was 1249L and it is now 849L because the HMRC are taking money out of salary for the interest gained in my savings! I was utterly shocked when they started taking £60 a month out of my salary, which includes another savings account also fixed term for 2 years. My main question is Gold Bullion have contacted me and said don't put the money in an ISA! you will earn more long term with Gold investment! Can someone please help me decide the correct thing to do for me that will protect my money and give me long term security as well as gain? 

Newbie_John

What is your goal in all of this? 
If you want money protected from tax - then open S&S ISA at AjBell, Trading212, HL.. that way from the start you will be protected from paying tax - as your money isn't currently in ISA you can just pay it in directly.

Then you can invest in anything you want including gold.

Belfastboy51

My ultimate goal is to stop the HMRC getting their greedy fingers into my pots! god knows we pay enough tax on everything else and they seem to want to rob us blind on every corner! Thanks for your comment John.  

ColdIron

Belfastboy51 said:

Gold Bullion have contacted me and said don't put the money in an ISA! you will earn more long term with Gold investment! 

Who are 'Gold Bullion'? It sounds very generic. Was this an unsolicited email? Where did they get your address? Did you click an advert on Facebook? Did they offer you an investment 'opportunity'?

Has it crossed your mind that this may not be an impartial recommendation?

XzavierWalnut

I am not offering advise, just my circumstances.
I have ISA's and some gold bullion. The gold has increased over the last few years by approximately £1k per troy ounce. A very good increase for myself, but for you, the current gold price is the highest it has ever been, mainly due to the current world turbulent times.

Belfastboy51

So i would assume you are saying wait until the turbulent times have passed and get a better rate for the gold. Presumably coins are the best option? tax free and zero capital gains? 

Belfastboy51

It's called DGB UK won't allow me to put the web page here or spell it out but I think you can guess! first word is Direct. Looks very legit! 

born_again

Belfastboy51 said:

It's called DGB UK won't allow me to put the web page here or spell it out but I think you can guess! first word is Direct. Looks very legit! 

Who won't allow a link?
Just post it & add spaces after http.

TBH, if it was contact you had not instigated. Then walk away.

Newbie_John

I think we have 3 topics here:
a) Is DGB safe? I can't find anything like it - I can find directbullion but it doesn't have saving accounts. Anyway, based on many factors I wouldn't trust it and use more regulated ones like investing in your S&S ISA in:
Invesco Physical Markets plc Physical Gold ETC (GBP) (SGLP)

b) Does it make sense to continue investing in gold?
Nobody knows.

c) avoid paying tax, do it all under ISA and problem is solved

Albermarle

Belfastboy51 said:

My ultimate goal is to stop the HMRC getting their greedy fingers into my pots! god knows we pay enough tax on everything else and they seem to want to rob us blind on every corner! Thanks for your comment John.  

Most people would want to make the best return for their money.
£100 minus £20 tax, is a better result than £70 without tax .

Your ultimate goal should be to have a plan that meets your objectives ( house purchase, early retirement, exotic holiday, new car in 5 years, gifts to family etc) - then work out the best way to get there.
Could be with cash savings/investments/ pension ( maybe gold can play a part as a kind of investment)
Then finally work out how to do all these things in the most tax efficient manner.

If you put avoiding tax as your primary objective, then you are going about it back to front.

jimjames

Belfastboy51 said:

It's called DGB UK won't allow me to put the web page here or spell it out but I think you can guess! first word is Direct. Looks very legit! 

Every scam looks legit or it wouldn't work! Not saying this is a scam but you can't rely on it looking legit as a measure of whether you're going to lose your money or not.

Gold has also increased massively over the last few years. How would you feel if you lost 50% of your investment?

An ISA is tax free so that would appear to meet your objective regardless of what you decide to put in the ISA wrapper.