£100,000 to save where?????

pspsi_cola

I have just sold my house (subject to contract) and will have the above amount to put into some sort of saving scheme. I want it to be risk free but receive maximum return. Will be emigrating abroad in 1/2 years so no longer than this period to save.

Any idea's what i should do with it..........apart from give it away

Also, how will having that amount in savings affect me claiming WTC and CTC?

Tesco_points_addict

In my bank account!
TPA x

fizzbang

pspsi_cola wrote: »

I have just sold my house (subject to contract) and will have the above amount to put into some sort of saving scheme. I want it to be risk free but receive maximum return. Will be emigrating abroad in 1/2 years so no longer than this period to save.

Any idea's what i should do with it..........apart from give it away

Also, how will having that amount in savings affect me claiming WTC and CTC?

Pretty sure you can not claim WTC or CTC with that amount of savings. (I think anything above £16,000 in savings stops you).

izzwizz_2

fizzbang wrote: »

Pretty sure you can not claim WTC or CTC with that amount of savings. (I think anything above £16,000 in savings stops you).

I don't think that's true. Tax credits don't take capital into account, just earnings. How much it will affect you depends on how much you earn. Also, any amount you can stash into tax-free savings doesn't get taken into account, so put as much as you can into cash ISAs.

pspsi_cola

izzwizz wrote: »

I don't think that's true. Tax credits don't take capital into account, just earnings. How much it will affect you depends on how much you earn. Also, any amount you can stash into tax-free savings doesn't get taken into account, so put as much as you can into cash ISAs.

Earn £12pa.
I can only open 1 ISA as am on my own, so that leaves £96,300 left to save and for the tax man to get his grubby hands on! Do i have to inform WTC and CTC of my savings if they are in an ISA?

fizzbang

izzwizz wrote: »

I don't think that's true. Tax credits don't take capital into account, just earnings. How much it will affect you depends on how much you earn. Also, any amount you can stash into tax-free savings doesn't get taken into account, so put as much as you can into cash ISAs.

Are you sure? - Tax credits are means tested so that means it should take all capital; savings, stocks and shares, property (except first home) into account regardless of whether it is in tax-free (ISA) savings or not. The only thing means-tested benefits do not take into account is your pension fund.

The reason I say is that someone who has just won the lottery can technically still claim if they earn say £10k in employment... surely that can't be right?

fizzbang

http://www.statistics.gov.uk/STATBASE/Product.asp?vlnk=10080&More=Y

avantra

From NS&I site.

You can invest up to £93,600 tax-free with NS&I – find out more with our tax-free investments calculator. You have worked hard for your money...make it work harder for you. With no income tax to pay on the investments shown below, you get to keep all your returns.



You say you are going away in the future. Some of their products are 5 years bonds etc' but I think you can shelter up to 30k in short term certificates (2 years??) and some more in an ISA. Plug the rest to 2 fixed rate high earning savings like Skipton BS Spring Bond 6.50% Fixed Rate and ICE save (2 accounts from different providers to spread the risk).

pspsi_cola

thankyou avantra, thats great advice will look into it.
Any other suggestions from anyone else?

pspsi_cola

hi again,

well i finally completed on my house and picking up the cheque on tuesday.

REALLY need some further advice please, though i am seeing another IFA next week?

Went to see an IFA today and he said that i couldn't put the money in a tax free savings account other than in an ISA which i already have. His rational was that the government was mean and make having other tax free savings imposssible!!!??????? I'm confused as i thought you could and the above link says you can!
Instead, he suggested splitting the savings into 3/4 account with A&L, Abbey, Nothern rock ect.

What do you think to what he said?? Is it impossible? Any other ideas and which tax free company is good, if that makes any sense?

malcolm000

pspsi_cola wrote: »

hi again,

well i finally completed on my house and picking up the cheque on tuesday.

REALLY need some further advice please, though i am seeing another IFA next week?

Went to see an IFA today and he said that i couldn't put the money in a tax free savings account other than in an ISA which i already have. His rational was that the government was mean and make having other tax free savings imposssible!!!??????? I'm confused as i thought you could and the above link says you can!
Instead, he suggested splitting the savings into 3/4 account with A&L, Abbey, Nothern rock ect.

What do you think to what he said?? Is it impossible? Any other ideas and which tax free company is good, if that makes any sense?

The advice given by the IFA seems correct. Place the money in different high interest earning accounts - higher level of interest available if you can lock the moeny into a 1 or 2 year bond.