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Savings and Investments thread
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Correct. But that’s not a large number of individuals is it and are we struggling to fill that role if the LTA applied?kentaddick said:
it's not his own personal one though is it? It's for any former chief prosecutor.golfaddick said:
No.....shoots himself in the foot by publicly saying (after last weeks Budget) that the Chancellor was targeting the rich for "tax giveaways" when he had precisely the same thing. In fact, he has his own personal pension scheme that falls outside of the LTA rules.kentaddick said:
"Man shoots himself in the foot by becoming extremely successful lawyer years before probably becoming PM"golfaddick said:Wow.....just wow.
His own special scheme that doesn't impact on his LTA.
Shame the masses don't really understand it all as it should really bring him down as Labour Leader. Not forgetting it was him that inserted into the Labour manifesto before the 2019 GE that they would have a 2nd referendum on Brexit.....which was the main reason why Labour lost last time out.
Bloke keeps shooting himself in the foot.
hypocrisy at its finest.
The point is he presumably accepts that there is merit in not penalising contributions as he hasn’t waived his right to it but wants to stop anyone else from benefitting.Im not sure this proposal costs the country much if anything in lost tax as individuals impacted take advice to mitigate the penal rate of tax if they exceed the LTA. Yes we may lose tax if they already carry on working and in future will get tax relief on contributions. but equally they may pay more tax by continuing to work for longer. I’m not convinced it’s at the expense of anyone else.0 -
golfaddick said:
Premium bonds. Guess the letter has been sitting on the kitchen table for a while
?????Foxycafc said:£100 bonds return! Over the moon1 -
Evening all,
my workplace has sent an email this evening regarding upcoming changes to CGT, this is in respect of their Save As You Earn scheme. They talk about the annual exempt amount in 23/24 being £6,000 and reducing to £3,000 in 24/25 and subsequent years.
They mention however, if you were to transfer directly into a stocks and shares isa within 90 days of the share exercise then there is no CGT is payable.
my question therefore is, if moving the shares at the maturity of the SAYE scheme as long as within normal ISA limits how long must they be held before proceeds could be removed - is there a time limit applied0 -
There is no time limit if you transferred your shares into an ISA.Jon_CAFC_ said:Evening all,
my workplace has sent an email this evening regarding upcoming changes to CGT, this is in respect of their Save As You Earn scheme. They talk about the annual exempt amount in 23/24 being £6,000 and reducing to £3,000 in 24/25 and subsequent years.
They mention however, if you were to transfer directly into a stocks and shares isa within 90 days of the share exercise then there is no CGT is payable.
my question therefore is, if moving the shares at the maturity of the SAYE scheme as long as within normal ISA limits how long must they be held before proceeds could be removed - is there a time limit applied0 -
Interesting, thank you, so could literally put in and take out? And do capital gains count toward annual income calculations do you knowCovered End said:
There is no time limit if you transferred your shares into an ISA.Jon_CAFC_ said:Evening all,
my workplace has sent an email this evening regarding upcoming changes to CGT, this is in respect of their Save As You Earn scheme. They talk about the annual exempt amount in 23/24 being £6,000 and reducing to £3,000 in 24/25 and subsequent years.
They mention however, if you were to transfer directly into a stocks and shares isa within 90 days of the share exercise then there is no CGT is payable.
my question therefore is, if moving the shares at the maturity of the SAYE scheme as long as within normal ISA limits how long must they be held before proceeds could be removed - is there a time limit applied
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No, capital gains don't count as income.Jon_CAFC_ said:
Interesting, thank you, so could literally put in and take out? And do capital gains count toward annual income calculations do you knowCovered End said:
There is no time limit if you transferred your shares into an ISA.Jon_CAFC_ said:Evening all,
my workplace has sent an email this evening regarding upcoming changes to CGT, this is in respect of their Save As You Earn scheme. They talk about the annual exempt amount in 23/24 being £6,000 and reducing to £3,000 in 24/25 and subsequent years.
They mention however, if you were to transfer directly into a stocks and shares isa within 90 days of the share exercise then there is no CGT is payable.
my question therefore is, if moving the shares at the maturity of the SAYE scheme as long as within normal ISA limits how long must they be held before proceeds could be removed - is there a time limit applied
You could always keep the shares without transferring to an ISA & just ensure that you only cash in a certain amount each tax year to stay within the£3K limit.
I previously did this over a number of years and never paid CGT.1 -
Or work for a company like Lloyds Bank where you have little chance of making a profit, on an SAYE.Covered End said:
No, capital gains don't count as income.Jon_CAFC_ said:
Interesting, thank you, so could literally put in and take out? And do capital gains count toward annual income calculations do you knowCovered End said:
There is no time limit if you transferred your shares into an ISA.Jon_CAFC_ said:Evening all,
my workplace has sent an email this evening regarding upcoming changes to CGT, this is in respect of their Save As You Earn scheme. They talk about the annual exempt amount in 23/24 being £6,000 and reducing to £3,000 in 24/25 and subsequent years.
They mention however, if you were to transfer directly into a stocks and shares isa within 90 days of the share exercise then there is no CGT is payable.
my question therefore is, if moving the shares at the maturity of the SAYE scheme as long as within normal ISA limits how long must they be held before proceeds could be removed - is there a time limit applied
You could always keep the shares without transferring to an ISA & just ensure that you only cash in a certain amount each tax year to stay within the£3K limit.
I previously did this over a number of years and never paid CGT.5 -
Yeah, tell me about it.RaplhMilne said:
Or work for a company like Lloyds Bank where you have little chance of making a profit, on an SAYE.Covered End said:
No, capital gains don't count as income.Jon_CAFC_ said:
Interesting, thank you, so could literally put in and take out? And do capital gains count toward annual income calculations do you knowCovered End said:
There is no time limit if you transferred your shares into an ISA.Jon_CAFC_ said:Evening all,
my workplace has sent an email this evening regarding upcoming changes to CGT, this is in respect of their Save As You Earn scheme. They talk about the annual exempt amount in 23/24 being £6,000 and reducing to £3,000 in 24/25 and subsequent years.
They mention however, if you were to transfer directly into a stocks and shares isa within 90 days of the share exercise then there is no CGT is payable.
my question therefore is, if moving the shares at the maturity of the SAYE scheme as long as within normal ISA limits how long must they be held before proceeds could be removed - is there a time limit applied
You could always keep the shares without transferring to an ISA & just ensure that you only cash in a certain amount each tax year to stay within the£3K limit.
I previously did this over a number of years and never paid CGT.
I did and still have Lloyds shares thanks to Gordon Brown/HBOS bail out.0 -
The link on here earlier shows it was his own scheme. It wasn't called "The DPP Scheme" it was the "Kier Starmer" scheme......with just 1 member ! Opened for him personally when he became DPP and then closed once he left - all under an Act of Parliament. Any funds in it do not count towards the LTA. Nice if you can get it.kentaddick said:
it's not his own personal one though is it? It's for any former chief prosecutor.golfaddick said:
No.....shoots himself in the foot by publicly saying (after last weeks Budget) that the Chancellor was targeting the rich for "tax giveaways" when he had precisely the same thing. In fact, he has his own personal pension scheme that falls outside of the LTA rules.kentaddick said:
"Man shoots himself in the foot by becoming extremely successful lawyer years before probably becoming PM"golfaddick said:Wow.....just wow.
His own special scheme that doesn't impact on his LTA.
Shame the masses don't really understand it all as it should really bring him down as Labour Leader. Not forgetting it was him that inserted into the Labour manifesto before the 2019 GE that they would have a 2nd referendum on Brexit.....which was the main reason why Labour lost last time out.
Bloke keeps shooting himself in the foot.
hypocrisy at its finest.2 -
So does Rishi have a similar scheme, seeing as he is a former DPP too?golfaddick said:
The link on here earlier shows it was his own scheme. It wasn't called "The DPP Scheme" it was the "Kier Starmer" scheme......with just 1 member ! Opened for him personally when he became DPP and then closed once he left - all under an Act of Parliament. Any funds in it do not count towards the LTA. Nice if you can get it.kentaddick said:
it's not his own personal one though is it? It's for any former chief prosecutor.golfaddick said:
No.....shoots himself in the foot by publicly saying (after last weeks Budget) that the Chancellor was targeting the rich for "tax giveaways" when he had precisely the same thing. In fact, he has his own personal pension scheme that falls outside of the LTA rules.kentaddick said:
"Man shoots himself in the foot by becoming extremely successful lawyer years before probably becoming PM"golfaddick said:Wow.....just wow.
His own special scheme that doesn't impact on his LTA.
Shame the masses don't really understand it all as it should really bring him down as Labour Leader. Not forgetting it was him that inserted into the Labour manifesto before the 2019 GE that they would have a 2nd referendum on Brexit.....which was the main reason why Labour lost last time out.
Bloke keeps shooting himself in the foot.
hypocrisy at its finest.0 - Sponsored links:
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Interest rates up 0.25% to 4.25% today.0
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Starmer wanted the removal of the cap limited to doctors because there is such a shortage. In the same way as the scheme was introduced for the judiciary because of the number that were leaving.golfaddick said:
The link on here earlier shows it was his own scheme. It wasn't called "The DPP Scheme" it was the "Kier Starmer" scheme......with just 1 member ! Opened for him personally when he became DPP and then closed once he left - all under an Act of Parliament. Any funds in it do not count towards the LTA. Nice if you can get it.kentaddick said:
it's not his own personal one though is it? It's for any former chief prosecutor.golfaddick said:
No.....shoots himself in the foot by publicly saying (after last weeks Budget) that the Chancellor was targeting the rich for "tax giveaways" when he had precisely the same thing. In fact, he has his own personal pension scheme that falls outside of the LTA rules.kentaddick said:
"Man shoots himself in the foot by becoming extremely successful lawyer years before probably becoming PM"golfaddick said:Wow.....just wow.
His own special scheme that doesn't impact on his LTA.
Shame the masses don't really understand it all as it should really bring him down as Labour Leader. Not forgetting it was him that inserted into the Labour manifesto before the 2019 GE that they would have a 2nd referendum on Brexit.....which was the main reason why Labour lost last time out.
Bloke keeps shooting himself in the foot.
hypocrisy at its finest.
It's also "nice" though, as you put it, though if you can get away with paying an effective tax rate of 22% on earnings of £4.76m over a three year period. Means you can afford to have a special electricity line put in to heat your swimming pool. You also don't have to worry about the fact that you and your Government has left the NHS so underfunded that you have to wait three months to have an urgent operation to remove a cancerous lump - because you can afford to see the very same NHS doctor privately within a week. Amazing how these doctors can do these ops privately but can't do them as overtime working for the NHS isn't it. I expect they were all fully trained by the likes of BUPA too.
And if you happen to be a banker, as Sunak was, you can not only avail yourself of the removal of the pension cap but, if your bank happens to go bust, then the Government or another bank will bail you out - and you still get paid your bonus days after the bank has been declared insolvent. As you say "nice if you can get it".
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I don’t understand that thing about free markets finding their own levels.
Surely if a bank goes bust that’s it, just as if the Barbers shop down the road goes bust.
How come we bail banks out?1 -
We have to bail the banks out to protect the thousands of people that use them.seth plum said:I don’t understand that thing about free markets finding their own levels.
Surely if a bank goes bust that’s it, just as if the Barbers shop down the road goes bust.
How come we bail banks out?
Imagine if you retire and get a lump sum of say 70k.
You put this in your bank and then the bank goes bust.
How would you feel if you lost the lot.
That's why our savings are protected by the government up to 85k per bank.
Bailing the banks out is more to do with protecting the savings of thousands of ordinary people.
It has to continue surely.3 -
We didn’t bail out SVB. It was acquired by HSBC.seth plum said:I don’t understand that thing about free markets finding their own levels.
Surely if a bank goes bust that’s it, just as if the Barbers shop down the road goes bust.
How come we bail banks out?In 2008 very different. We would all have lost money if the governments globally didn’t step in because of the interbank positions. The likelihood of that now is much reduced.2 -
But you can put your savings in many banks using the £85k compo limit & be fully protected.blackpool72 said:
We have to bail the banks out to protect the thousands of people that use them.seth plum said:I don’t understand that thing about free markets finding their own levels.
Surely if a bank goes bust that’s it, just as if the Barbers shop down the road goes bust.
How come we bail banks out?
Imagine if you retire and get a lump sum of say 70k.
You put this in your bank and then the bank goes bust.
How would you feel if you lost the lot.
That's why our savings are protected by the government up to 85k per bank.
Bailing the banks out is more to do with protecting the savings of thousands of ordinary people.
It has to continue surely.
I would also go as far to say that if you have to use all the high street banks to do this then you seriously need to look at putting the money into investments rather than on deposit.
Will Self once said on Question Time that savers should PAY banks to hold their money rather than banks pay savers interest. They are doing you a service holdng it safe & secure.0 -
I agree. Banks are Plc's and therefore should stand & fall like any other Plc. If not they should all be converted back into Building Societies.seth plum said:I don’t understand that thing about free markets finding their own levels.
Surely if a bank goes bust that’s it, just as if the Barbers shop down the road goes bust.
How come we bail banks out?1 -
Can we please keep these sort of comments off of this thread. It is purely a political comment and takes away from what is generally a very good savings and investment thread.Addick Addict said:
Starmer wanted the removal of the cap limited to doctors because there is such a shortage. In the same way as the scheme was introduced for the judiciary because of the number that were leaving.golfaddick said:
The link on here earlier shows it was his own scheme. It wasn't called "The DPP Scheme" it was the "Kier Starmer" scheme......with just 1 member ! Opened for him personally when he became DPP and then closed once he left - all under an Act of Parliament. Any funds in it do not count towards the LTA. Nice if you can get it.kentaddick said:
it's not his own personal one though is it? It's for any former chief prosecutor.golfaddick said:
No.....shoots himself in the foot by publicly saying (after last weeks Budget) that the Chancellor was targeting the rich for "tax giveaways" when he had precisely the same thing. In fact, he has his own personal pension scheme that falls outside of the LTA rules.kentaddick said:
"Man shoots himself in the foot by becoming extremely successful lawyer years before probably becoming PM"golfaddick said:Wow.....just wow.
His own special scheme that doesn't impact on his LTA.
Shame the masses don't really understand it all as it should really bring him down as Labour Leader. Not forgetting it was him that inserted into the Labour manifesto before the 2019 GE that they would have a 2nd referendum on Brexit.....which was the main reason why Labour lost last time out.
Bloke keeps shooting himself in the foot.
hypocrisy at its finest.
It's also "nice" though, as you put it, though if you can get away with paying an effective tax rate of 22% on earnings of £4.76m over a three year period. Means you can afford to have a special electricity line put in to heat your swimming pool. You also don't have to worry about the fact that you and your Government has left the NHS so underfunded that you have to wait three months to have an urgent operation to remove a cancerous lump - because you can afford to see the very same NHS doctor privately within a week. Amazing how these doctors can do these ops privately but can't do them as overtime working for the NHS isn't it. I expect they were all fully trained by the likes of BUPA too.
And if you happen to be a banker, as Sunak was, you can not only avail yourself of the removal of the pension cap but, if your bank happens to go bust, then the Government or another bank will bail you out - and you still get paid your bonus days after the bank has been declared insolvent. As you say "nice if you can get it".0 -
redman said:
Can we please keep these sort of comments off of this thread. It is purely a political comment and takes away from what is generally a very good savings and investment thread.Addick Addict said:
Starmer wanted the removal of the cap limited to doctors because there is such a shortage. In the same way as the scheme was introduced for the judiciary because of the number that were leaving.golfaddick said:
The link on here earlier shows it was his own scheme. It wasn't called "The DPP Scheme" it was the "Kier Starmer" scheme......with just 1 member ! Opened for him personally when he became DPP and then closed once he left - all under an Act of Parliament. Any funds in it do not count towards the LTA. Nice if you can get it.kentaddick said:
it's not his own personal one though is it? It's for any former chief prosecutor.golfaddick said:
No.....shoots himself in the foot by publicly saying (after last weeks Budget) that the Chancellor was targeting the rich for "tax giveaways" when he had precisely the same thing. In fact, he has his own personal pension scheme that falls outside of the LTA rules.kentaddick said:
"Man shoots himself in the foot by becoming extremely successful lawyer years before probably becoming PM"golfaddick said:Wow.....just wow.
His own special scheme that doesn't impact on his LTA.
Shame the masses don't really understand it all as it should really bring him down as Labour Leader. Not forgetting it was him that inserted into the Labour manifesto before the 2019 GE that they would have a 2nd referendum on Brexit.....which was the main reason why Labour lost last time out.
Bloke keeps shooting himself in the foot.
hypocrisy at its finest.
It's also "nice" though, as you put it, though if you can get away with paying an effective tax rate of 22% on earnings of £4.76m over a three year period. Means you can afford to have a special electricity line put in to heat your swimming pool. You also don't have to worry about the fact that you and your Government has left the NHS so underfunded that you have to wait three months to have an urgent operation to remove a cancerous lump - because you can afford to see the very same NHS doctor privately within a week. Amazing how these doctors can do these ops privately but can't do them as overtime working for the NHS isn't it. I expect they were all fully trained by the likes of BUPA too.
And if you happen to be a banker, as Sunak was, you can not only avail yourself of the removal of the pension cap but, if your bank happens to go bust, then the Government or another bank will bail you out - and you still get paid your bonus days after the bank has been declared insolvent. As you say "nice if you can get it".
I would tend to agree if it weren't for the fact that you didn't say this as soon as Golfie put up the Starmer criticism. In fact, you liked it! So he is allowed to call Starmer a hypocrite but nobody else is allowed to put the other side of the argument. Can't think where I've seen this sort of selective "free speech" before!!!9 -
Failing banks can lead to more failing banks and big recessions. At the time, it was thought the run on Northern Rock was a one off and fixed with nationalisation, but the justified drop in confidence and extra scrutiny lead to other bank failures such as Alliance and Leicester and the financial crisis went global, with awfully run beasts like RBS having to be bailed out as well.
I would not be confident that this time it stops with SVB and Credit Suisse. Over time, bankers get blindsided by their massive annual bonuses and are a little less interested in corporate governance.2 - Sponsored links:
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I’m more confident now on the resilience of the UK banks, but hopefully this also means a rethink of loosening the controls that Hunt outlined as part of his Edinburgh reforms.2
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What are people's opinion on buying UK banking shares .... I have some Lloyds and Barclays...both down significantly...is it a good time to buy and hold...!?TelMc32 said:I’m more confident now on the resilience of the UK banks, but hopefully this also means a rethink of loosening the controls that Hunt outlined as part of his Edinburgh reforms.0 -
I finally got rid of my Barclays shares a few years ago and still hold Lloyds.CafcWest said:
What are people's opinion on buying UK banking shares .... I have some Lloyds and Barclays...both down significantly...is it a good time to buy and hold...!?TelMc32 said:I’m more confident now on the resilience of the UK banks, but hopefully this also means a rethink of loosening the controls that Hunt outlined as part of his Edinburgh reforms.
Neither have performed well in roughly 20 years and I'm not optimistic that is about to change.
I'd only buy now with a view to selling reasonably quickly (ie less than 3 years) if and when the price picks up when the latest banking "crisis" lifts - if it does.
Personally, I'm not buying either ever again.2 -
I’d agree with CE. We’ve both been stung I think from shares we bought through SAYE Schemes at work. I have Barclays shares from when they were £8, so I won’t have a Capital Gains issue when I sell them at least 🫣3
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Terry Smith of Fundsmith wrote a pretty damning fact based piece for the FT last week which adds up to a big fat “no”. I’ll post it later if you are interested. I bought some Citibank last year for the income, but wouldnt have done if he’d published that article earlier.CafcWest said:
What are people's opinion on buying UK banking shares .... I have some Lloyds and Barclays...both down significantly...is it a good time to buy and hold...!?TelMc32 said:I’m more confident now on the resilience of the UK banks, but hopefully this also means a rethink of loosening the controls that Hunt outlined as part of his Edinburgh reforms.
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I've bought and sold bank shares quite a bit the past 10-15 years and done very well, I'm not buying any now, make of that what you will!2
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I bought shares in Charlton years ago and lost the lot.
I bought shares in a company called RM2 and lost the lot.
I currently have 5k shares in Lloyds bought at 73p. Currently trading around 46p.
However I invest my money going forward Shares will not be a part of it.1 -
If I put money in collective funds, Terry Smith is right up there. He's not been keen on banks for a long time.PragueAddick said:
Terry Smith of Fundsmith wrote a pretty damning fact based piece for the FT last week which adds up to a big fat “no”. I’ll post it later if you are interested. I bought some Citibank last year for the income, but wouldnt have done if he’d published that article earlier.CafcWest said:
What are people's opinion on buying UK banking shares .... I have some Lloyds and Barclays...both down significantly...is it a good time to buy and hold...!?TelMc32 said:I’m more confident now on the resilience of the UK banks, but hopefully this also means a rethink of loosening the controls that Hunt outlined as part of his Edinburgh reforms.
However, I dipped back into banks in the last week. Definitely high risk, particularly given I'm the one who's been saying that a European banking crisis is only a matter of time, with Deutsche inevitably being fingered right now.
I just think that, like last time, there will be winners and losers. HSBC has no doubt picked up some great assets very cheaply with SVB. Assuming it has its liquidity and interest rate risk better managed, it will do well out of that. Ditto JPMC. Just have to stay nimble, no long term bets here.1 -
Sorry for quoting myself, but one thing to add as an upside is the dividend. Barclays have been paying substantially for my last few holidays since the dividend was restored. Mind you, if the share price went back to £8, I could buy my own place in the sun ☀️TelMc32 said:I’d agree with CE. We’ve both been stung I think from shares we bought through SAYE Schemes at work. I have Barclays shares from when they were £8, so I won’t have a Capital Gains issue when I sell them at least 🫣2 -
Consider the gap filled. Thanks for playing.kentaddick said:
if you want a short term play, might be worth buying here. big gap that will need fillingQatarNapsy said:Zynex shares tanking again today, down 22%0
