£50,000 to invest for 1 year

MAXIBON_3

I want to put £50,000 in a savings account of some kind for a year but dont want to pay a lot of tax on it. I have no idea what to do, any suggestions? Thankyou.

Chadsman

Put £3k in a cash ISA. If you have a partner or other relative you trust get them to put £3k in a cash ISA also.
Also investigate National Savings which are tax free, and offshore accounts which are liable to UK tax but it is not deducted at source so you get to hang on to it until you complete a tax return at the end of the tax year.
Do you have a relative who pays tax at a lower band? If so put the rest (or at least some) in their name ...BUT if they are a child under 18 and the interest they get paid on the money is £100 or more then all of their interest on savings will be taxed as if it were yours.
HTH,