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ISA
06-04-2017 4:38 PM - edited 06-04-2017 4:59 PM
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Time to get your ISA, you can now invest up to £20K from today, for tax free interest.
http://www.thisismoney.co.uk/money/saving/article-4381744/Why-t-afford-miss-new-20k-Isa.html
Re: ISA
06-04-2017 5:19 PM
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Waste of time.
The amount of interest is almost nil but the main question is who has £20,000 to invest ? millions of people are up to their neck in debt and many others have no more than a months savings equal to their month's wages.
Always made me laugh when I read ' If you invested £1,000 in 1950 in x company it would be worth a million today'
How many had a £1000 in 1950 which was the price of a semi we were still on ration books then.
Those who do have plenty of money are more likely to be looking at tax dodges, which give far better returns than any isa could.
@Anonymous
The above comments are in no way meant to be critical of your post which is a correct statement of fact and is just my view of the current range of isas which I consider to be a waste of time.
Re: ISA
06-04-2017 5:25 PM - edited 06-04-2017 5:26 PM
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agreed - and for most people with modest saving the tax free interest allowance is more than enough given the lousy rate of interest we are seeing
Re: ISA
06-04-2017 6:17 PM
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Even if I had that sort of money to invest it's not like a big government give away. Not with interest rates being so low.
Re: ISA
06-04-2017 6:57 PM
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20k? Chance would be a fine thing.
Don't limit the friends you haven't met with arguments you'll never have.
Re: ISA
06-04-2017 7:03 PM
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Re: ISA
06-04-2017 7:21 PM - edited 06-04-2017 7:22 PM
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Sorry to hear that as I would have been in the same situation at seventy years old (which I am now) but chance and circumstance allowed me to retire mortgage free at the age of sixty.
Here's hoping they both come your way.
Don't limit the friends you haven't met with arguments you'll never have.
Re: ISA
06-04-2017 8:37 PM
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You make more money having an offset mortgage than you would having an ISA.

Re: ISA
07-04-2017 12:38 AM
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For higher rate taxpayers ISA's can be advantageous...
- Higher-rate taxpayers over the PSA limit. For every £100 interest you earn in normal savings you only get £60, whereas in an ISA you get the whole £100. Therefore the normal savings rate would have to be 66% higher for it to beat a cash ISA.
- Top-rate taxpayers. For every £100 interest you earn in normal savings you only get £55, whereas in an ISA you get the whole £100. Therefore the normal savings rate would have to be 82% higher for it to beat a cash ISA.
http://www.moneysavingexpert.com/savings/ISA-guide-savings-without-tax
Re: ISA
07-04-2017 8:44 AM - edited 07-04-2017 8:48 AM
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So in a nutshell..........
You don't pay tax on ISA's.
And the more the savings limit is raised the more the tax benefit pendulum swings towards the idle rich.
Re: ISA
07-04-2017 8:58 AM - edited 07-04-2017 9:56 AM
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Who says you have to be idle to be rich
All the research required to find the accounts with the best interest rates, and moving money from one account to another takes a considerable amount of time and effort. Made all the more difficult by having to have multiple accounts to ensure each does not exceed the FSCS compensation limit. Then there's the hidden accounts for anything beyond the inheritance tax threshold. Between all this and a full time job there's never any time for leisure or to spend hard-earned cash.
BTW is there an emoticon for 'tongue-in-cheek' ?
Re: ISA
07-04-2017 10:05 AM
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@Anonymous wrote:
For higher rate taxpayers ISA's can be advantageous...
- Higher-rate taxpayers over the PSA limit. For every £100 interest you earn in normal savings you only get £60, whereas in an ISA you get the whole £100. Therefore the normal savings rate would have to be 66% higher for it to beat a cash ISA.
- Top-rate taxpayers. For every £100 interest you earn in normal savings you only get £55, whereas in an ISA you get the whole £100. Therefore the normal savings rate would have to be 82% higher for it to beat a cash ISA.
http://www.moneysavingexpert.com/savings/ISA-guide-savings-without-tax
@Anonymous I think you might be barking up completely the wrong tree somehow!
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