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Savings and Investments thread

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  • TelMc32 said:
    A Damascene-like conversion of all the pessimistic CL pundits.  You love to see it 😂
    Pah! 

    8270, please @Rob7Lee
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  • 8380 please
  • 8697 please
  • Southbank said:
    Since the increase in state pension this year and the continued freezing of tax thresholds, it must be the case that some pensioners should be paying some tax on their pension, which is not deducted at source.
    Some will need to fill in self assessment forms, probably for the first time in many cases or be breaking the law.
    Yes, for the first time we (my wife and myself) completed a self assessment form, (previously always done by my company accountant) to be fair we only had around 6 reminders each from HMRC, so I was aware, but I was very nearly caught out that they actually wanted the payment by the end of July, I assumed wrongly that it was end of January. My bill was for just over £450 from memory £250 for pension and £200 for saving interest. My wife bill was £0. Think next year I will have to see if there’s a way of using some of her £2,000 unused tax allowance to offset mine. 
    I imagine that many pensioners who have never had to do self-assessment will get caught, and fined, because of this.
  • 8301 please
  • 8672, please 
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  • I’m lending a friend £10k to help while she’s at college (mid life change of career). Are there any tax implications for either of us?
  • I’m lending a friend £10k to help while she’s at college (mid life change of career). Are there any tax implications for either of us?
    Drawing up an informal contract between you will be useful if there are any disputes down the line. It happens, even amongst friends. Possible tax implications if you are being paid interest on the loan, depending on your own tax circumstances. 
  • TelMc32 said:
    I’m lending a friend £10k to help while she’s at college (mid life change of career). Are there any tax implications for either of us?
    Drawing up an informal contract between you will be useful if there are any disputes down the line. It happens, even amongst friends. Possible tax implications if you are being paid interest on the loan, depending on your own tax circumstances. 
    Also, if the person was to die, you have proof of the loan, would be entitled to the money from their estate.
  • edited July 26
    I’m lending a friend £10k to help while she’s at college (mid life change of career). Are there any tax implications for either of us?
    if you're not charging interest then no. If you are, which i doubt, you'd need to include it in any tax return you might make if you're over the interest income threshhold. I agree with the thoughts above on a simple loan document to avoid possible disputes later on.
  • i would actually go a bit further with the loan agreement and make it a simple deed, which just means it needs to be signed as such and witnessed. I would also add a repayment date or repayment schedule. This could always be changed by mutual agreement later on if need be. 
  • If you pass away they might have to pay IHT (depending on size of your estate) unless you have a loan agreement as it could be interpreted as a gift rather than a loan if no repayments have been made
  • SE9toDA2 said:
    If you pass away they might have to pay IHT (depending on size of your estate) unless you have a loan agreement as it could be interpreted as a gift rather than a loan if no repayments have been made
    They won’t, gifts use up the IHT tax free allowance first,
  • Rob7Lee said:
    SE9toDA2 said:
    If you pass away they might have to pay IHT (depending on size of your estate) unless you have a loan agreement as it could be interpreted as a gift rather than a loan if no repayments have been made
    They won’t, gifts use up the IHT tax free allowance first,
    But would reduce @Arsenetatters IHT allowance if no loan agreement in place
  • edited July 26
    Thank you!
    She’s such a kind person and a very good friend. I’ve kind of written off having it back (but havent told her) so don’t want to do an agreement tbh. I just didn’t want her to have to pay tax on top of all her other stuff or HMRC to come for me!!
  • 8,667 please
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  • few days to go to get those FTSE100 guesses in.........
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  • 8,800 optimistic again, but it feels like the positives outweigh the potential downsides.
  • edited July 31
    Already done!
  • Quite probably a volatile week on markets this week but there does, under all that, appear to be a rotation going on.  I've been skewed to FTSE 250 for some time and that has been working quite well.

    I'm not sure it's a crash, though, as some people seem to think.  Just a long-overdue correction on US markets and tech in particular, which are now definitely in a bear market.  Views?
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  • Quite probably a volatile week on markets this week but there does, under all that, appear to be a rotation going on.  I've been skewed to FTSE 250 for some time and that has been working quite well.

    I'm not sure it's a crash, though, as some people seem to think.  Just a long-overdue correction on US markets and tech in particular, which are now definitely in a bear market.  Views?
    Currently there does seem to be 2 markets in the US, the big tech companies & then everybody else. Over the last couple of weeks The Dow Jones & the S&P500 seem to be opposite correlation to each other, something what has never been seen before. The "magnificent 7" are in reporting season atm & so this is having a big effect on the markets......as well as the anticipated interest rate cuts.

    I dont think the whole market is due for a correction but the big tech companies might be. 


  • Quite probably a volatile week on markets this week but there does, under all that, appear to be a rotation going on.  I've been skewed to FTSE 250 for some time and that has been working quite well.

    I'm not sure it's a crash, though, as some people seem to think.  Just a long-overdue correction on US markets and tech in particular, which are now definitely in a bear market.  Views?
    I tend to agree though I've just topped up on Amazon shares ahead of their Q2 results later today. I regard them as one to buy and hold for the long term.
    I have some ISA scope remaining this year and am inclined to spread into smaller company index funds in line with your thinking.
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