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As this is the font of all knowledge I thought I'd punt this one out there and hope for some ideas or inspirations.
I put a bit of money to the side a few years back and it's now around 26000.
I thought it wouldn't be a bad idea to leave this cash to go towards the young'ens if they ever decide to go to Uni.
I'm not living in the UK, although the money is sitting there in a UK bank. I have an address in the UK, but don't live there and don't pay any income tax in the UK.
I hear about ISA's but the best I can see so far is 1.85%. I don't mind locking it away for say 3 years (you never know if I "might" need it, or if interest rates change for the better), and there I've found a bond for 2.7%...but I assume I'll pay tax on the interest?? (that bit I'm not so sure on...is there an allowance I can earn, before I need to pay UK tax?)
Anything else to consider?
As for Coke and hookers.....that's what the day job income's for 😉
I can put you in contact with people who can do you an amazing investment deal. My mailbox is full of these guys. Nigerian folk. Trustworthy lot.
What about an IPS? (Investor Portfolio Service)
Could spread your ISA value between low/med/high risk investments to get better return and still avoid tax.
We've been paying into a couple of these since the kids were tiny and its provided better returns than savings accounts, no tax and considered risk.
here's the details on ISAs - a good bet for at least some of your cash http://www.moneysavingexpert.com/savings/best-cash-isa
Nigerian folk. Trustworthy lot
Good interest rates too!
I'd not heard of IPS's, I'll have a look into that.
I should add I do have a mortgage...but that's on a property in Greece...so let's just say I don't fancy pumping any more money into that than I have to...I reckon the Nigerian's fella's might be a better bet than the Greek economy.
Buy some Euro
It'll pick up soon
Top cash ISA is around 2.5% according to MSE http://www.moneysavingexpert.com/savings/best-cash-isa
but all depends on fixed, and some need you to regularly invest etc.
Regular bank current accounts are offering 2 or 3%, some up to 5%, but that'll be taxed and you have to have regular income into them, or they limit that rate to the first couple of £k.
Other than that you can go with riskier investments. Can do stocks and shares ISAs. In my experience they're very long term to get any decent result, and then the market crashes and you're in for an even longer haul. Or, go trading yourself. I'd rather spend it on blow and hookers 😀
Other option is to pay down any mortgage you've got to reduce the term / pay off or reduce payments.
ElShalimo - Member
Buy some Euro
It'll pick up soon
Or collapse. Maybe buy gold.
I'll invest it for you. But remember... "your investment can go down as well as up".
Long term (3+ years) fixed rate bonds were offering around 3% interest when I last looked
FirstSave
Vanquis
UBL
Tesco
Post Office
Al Rayan
Anyone know how much tax I'm liable for on a non-ISA investment?
ISA allowance is £15K/year.
Cheap index tracker within an ISA wrapper is one option.
Interest on a cash savings are taxed just like income so on an amount like that I'd expect that you aren't liable for any tax as even at 5% you're only looking at £1300 pa. Similarly for any stocks & shares investment you'd need some spectacular growth to be liable for any Captial Gains Tax on that investment.
Or, if you still can, set up a few current accounts offering 4/5% and bounce the money around them. Think that's trickier these days as they got wise to it and made you set up direct debits etc. to qualify.
If you aren't a UK resident you cannot open an ISA.
If you don't pay UK tax you might be able to ask your bank to pay it gross (and pay tax in your country of residence)
But I bet you are paying tax - interest is taxed at source in the UK.
Know any pensioners?
Govt bonds are good.