Tax-Free Savings

Description: What are your experiences of tax-free savings and how do they work?

Newest Review: ... the rate of inflation. This is a good investment in times of high inflation, but not such a good one at the moment. The only valid reason for investing in National Savings Certificates would seem to be that you’re a higher rate tax payer who’s exhausted all his other tax-free investment opportunities. I should be so lucky! National Savings also do Children’s Bonus Bonds, ... more

... but investments can only be made for children up to the age of 16, and there is a limit of £1000 to be invested in each issue. If you’re making a long-term investment for a child there are far better products on the market. TESSA and TOISA Te...more

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Tax-Free Savings: A nice girl, a couple of flighty pieces and an elderly gent. (1910 words)
by - written on 10/07/01 (Very useful, 205 readings)
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First of all what are tax-free savings? Well, any income you get from these savings is paid without tax having been deducted, and there is no further tax to pay on them. You don’t even need to tell the Inland Revenue about them. Please don’t confuse them with savings where the income is paid “gross of tax” or “without tax having been deducted”, as this generally means that you’ll have to make a return of the income to the Inland Revenue, and have to pay the tax at a later date, usually by an adjustment to your coding or by receiving an assessment. PREMUM BONDS One of the earliest forms of savings which can be ... Read the complete review

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