only the regular esaver, so its essentially half that
Best savings account?
- Thread starter Merlin5
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But then you can't post your £100k+ screenshot on OCUK, can you? Total cringe
Soldato
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Yeh not sure why they have 2 Esaver accounts with different rates.
Soldato
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But then you can't post your £100k+ screenshot on OCUK, can you? Total cringe
Not really a cringe post... He's the resident forum lottery winner, so pretty much common knowledge that he's smashed the £100k barrier (and then some).
But then you can't post your £100k+ screenshot on OCUK, can you? Total cringe
Who did that?
Who would keep that sort of money in a current account... Not only is there the FSCS none guarantee over £85k, but the tax man will be your best friend.
If interest rates are at 4% this means as a basic and higher tax payer you should only have around £24k and £12k in none tax wrapper accounts. Any more you are likely to earn more than £1000 and £500 in interest which will be taxed on.
If interest rates are at 4% this means as a basic and higher tax payer you should only have around £24k and £12k in none tax wrapper accounts. Any more you are likely to earn more than £1000 and £500 in interest which will be taxed on.
Soldato
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Where does the 12k and £500 figures come from? Is there a table available showing the bands?
If you're a higher rate tax payer you interest tax allowance is reduced to £500.
More detail here:
Tax on savings interest
You do not pay tax on your savings interest if you're on a low income.
Essentially, if you're a higher rate tax payer, at 4% interest, you'll exceed the £500 allowance about £12k of cash.
Soldato
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If you're a higher rate tax payer you interest tax allowance is reduced to £500.
More detail here:
Tax on savings interest
You do not pay tax on your savings interest if you're on a low income.www.gov.uk
Essentially, if you're a higher rate tax payer, at 4% interest, you'll exceed the £500 allowance about £12k of cash.
didn't someone say the guy is a lottery winner? Therefore he won't be taxed on that. His earnings could keep him in the basic rate tax bracket. Would still be getting taxed on 100k at 4% though, as it's over the personal savings allowance for a BR tax payer.
Might be wrong but I thought it's just the winnings are tax free, as in no CGT... You'll still pay tax on interest if applicable?
Soldato
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If you're a higher rate tax payer you interest tax allowance is reduced to £500.
More detail here:
Tax on savings interest
You do not pay tax on your savings interest if you're on a low income.
Essentially, if you're a higher rate tax payer, at 4% interest, you'll exceed the £500 allowance about £12k of cash.
So it's probably better loading up the ISA allowance, even if it's a slightly lower rate. I assume the tax on anything over the threshold is classed as income, therefore >40% of the interest will be deducted in tax?
I've not had to think much about this as interest rates have been so low in recent years, but it's definitely a factor now - I'll need to get the ISA transferred because the current rate with BOS is a joke.
Soldato
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Yeah winnings are tax free. There would be tax on interest over any applicable thresholds. It was being assumed that somehow he'd be a higher rate tax payer, which might not be the case.
Soldato
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£6 here. #inthebigleagues
Deleted User 298457
Deleted User 298457
Am at 1006. I am basically Lee now.
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Soldato
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Mine is 1/10 risk but think I started it earlier than some.
Deleted User 298457
Deleted User 298457
Yeah 1/10. I think I was just a few days ahead of you though so maybe got some good stonks at a discount.