Savings: No more tax on your savings interest?

No more tax on your savings interest? The way your savings will be taxed is changing, and it should leave you better off. Unless it is held in an ISA (Individual Savings Account) interest on the cash you hold with banks or building societies is currently taxed as follows: Non taxpayers: No tax is due (assuming the interest isn’t large enough to make you a taxpayer) and you can apply to have interest paid to you gross, i.e. without the deduction of tax Basic rate taxpayers (20%): Interest is paid to you minus a ...

Savings: The three best Cash ISA deals and three alternatives

As the end of the tax-year draws ever closer, there will undoubtedly be many savers who have not yet opened their Cash ISA (Individual Savings Allowance) for the 2016/17 tax-year. There’s no doubt that the introduction of the Personal Savings Allowance, which will be available to us all from 6th April 2016, will shake up the savings market, but we still believe Cash ISAs will have their place. So, if you’ve not yet used your Cash ISA allowance, here’s our guide to the best deals currently available and three alternatives if you ...

Retirement: 1 in 3 over 55s targeted by pension scammers

1 in 3 over 55s targeted by pension scammersNew research has revealed that the number of people being targeted by potential pension scammers has risen significantly over the past 12 months. The figures, produced by pension provider Retirement Advantage, reveal that: 35% of people over the age of 55 have been contacted by potential pension scammers over the past three months This is up from 20% during the same period last year Scammers usually target potential victims via a cold call, or unsolicited text or email offering free pension advice, early access to a ...

New ISA rules, how have they become more flexible?

Following changes over the past couple of years, which have seen the maximum you can pay into an ISA (Individual Savings Account) rise substantially and Cash ISAs given parity with Stocks & Shares ISAs, another change will soon make this method of saving even more flexible. The new Flexible ISA rules will allow savers to replace any money withdrawn from their Cash or Stocks & Shares ISAs earlier in the tax-year, without the replacement counting towards the annual ISA allowance. The previous rules effectively penalised savers who withdrew Cash from their ISA ...