Savings and Investments thread

cafctom · April 2

golfaddick said:

cafctom said:

Rob7Lee said:

cafctom said:

Thanks.

Another idea I had was to potentially open up a SIPP account (ie - Hargreaves Lansdown) but then just put the money in cash. Is there a way to do that so that it technically can be classed as using up carry forward pension allocation before the deadline? And then invest it into funds after the deadline?

I’ve always had

1. current work Pension
2. private SIPP

currently back with Fidelity with about half in cash. No reason you couldn’t do the same, they pay a bit over 3% on cash balances.

Thanks - assume the interest is tax free in a SIPP?

I spoke with someone who tried doing something similar and said that they had issues getting the tax rebate back. HMRC basically just increased their tax free allowance, so whilst the pension had the top up - they couldn’t get the 25% paid back on self assessment as planned. Bloody confusing.

Yes, HMRC dont like sending out rebates anymore. They simply alter your tax code. That way they keep your money & your "rebate" is spread over 12 months. Big win for them.

I don’t mind too much as long as the rebate comes back in some way, shape or form over the next 12 months - just as long as I’m not losing out on the rebate value. The only drawbacks I see are:

1) Not having instant access to the lump sum
2) Subsequently not being able to invest that amount elsewhere right away.

Boom · April 2

I've just submitted a claim to HMRC for the last 3 years. Its v straightforward and done online. Apparently they will get back to me within 28 days, which seems ambitious for that lot.

Er_Be_Ab_Pl_Wo_Wo_Ch · April 2

Dumb ISA question -

I've opened, this week, a S&S ISA account for me, and another for my Mrs. Will be putting a chunk of change into each before the April 5th tax year deadline. Is it enough just to have the money sitting in the ISA wrappers by 5th, or does the money need to be invested by then too?

PragueAddick · April 2

£200 on £43k on the PBs. Better than most months for me recently.

RaplhMilne · April 2

Can you believe this… advert on SKY this afternoon. Short term loans from £50 to £1500 over 6 months, an allegedly FCA authorised. INTEREST 1271%. How on earth can the FCA authorise that…… it’s criminal

Covered End · April 2

Er_Be_Ab_Pl_Wo_Wo_Ch said:

Dumb ISA question -

I've opened, this week, a S&S ISA account for me, and another for my Mrs. Will be putting a chunk of change into each before the April 5th tax year deadline. Is it enough just to have the money sitting in the ISA wrappers by 5th, or does the money need to be invested by then too?

You can put in the cash and invest in S&S at a later date.

Er_Be_Ab_Pl_Wo_Wo_Ch · April 2

Covered End said:

Er_Be_Ab_Pl_Wo_Wo_Ch said:

Dumb ISA question -

I've opened, this week, a S&S ISA account for me, and another for my Mrs. Will be putting a chunk of change into each before the April 5th tax year deadline. Is it enough just to have the money sitting in the ISA wrappers by 5th, or does the money need to be invested by then too?

You can put in the cash and invest in S&S at a later date.

Magic, thank you.

Jon_CAFC_ · April 2

RaplhMilne said:

Can you believe this… advert on SKY this afternoon. Short term loans from £50 to £1500 over 6 months, an allegedly FCA authorised. INTEREST 1271%. How on earth can the FCA authorise that…… it’s criminal

Forgetting payday loans as was a few years ago? Wonga were charging around equivalent 1500% apr and some higher still

golfaddick · April 2

Covered End said:

Er_Be_Ab_Pl_Wo_Wo_Ch said:

Dumb ISA question -

I've opened, this week, a S&S ISA account for me, and another for my Mrs. Will be putting a chunk of change into each before the April 5th tax year deadline. Is it enough just to have the money sitting in the ISA wrappers by 5th, or does the money need to be invested by then too?

You can put in the cash and invest in S&S at a later date.

It all depends on the provider. Where is it going into initially ? A holding account ? What instructions do you have to invest? Some need a fund or other entity for it to be "invested".

golfaddick · April 2

RaplhMilne said:

Can you believe this… advert on SKY this afternoon. Short term loans from £50 to £1500 over 6 months, an allegedly FCA authorised. INTEREST 1271%. How on earth can the FCA authorise that…… it’s criminal

The FCA regulate them as a lender like they would for any institution. What rates they offer is immaterial.......otherwise what do you suggest is an "acceptable" rate ? (or should that be an "unacceptable" rate).

Covered End · April 2

golfaddick said:

Covered End said:

Er_Be_Ab_Pl_Wo_Wo_Ch said:

Dumb ISA question -

I've opened, this week, a S&S ISA account for me, and another for my Mrs. Will be putting a chunk of change into each before the April 5th tax year deadline. Is it enough just to have the money sitting in the ISA wrappers by 5th, or does the money need to be invested by then too?

You can put in the cash and invest in S&S at a later date.

It all depends on the provider. Where is it going into initially ? A holding account ? What instructions do you have to invest? Some need a fund or other entity for it to be "invested".

Really? He's opened S&S ISA's for him and wife.
I would have thought you must be able to put the funds in and then invest thereafter?
If he had already invested and wanted to partially cash out, then the proceeds would remain in the S&S ISA in cash until he chose to reinvest or withdraw.
Presumably you're correct, but all the ones I've used you can.

cafctom · April 2

Could it not just go into a flexible Cash ISA first and then move it into S&S ISA after?

Thats what I was planning to do with Trading 212

Er_Be_Ab_Pl_Wo_Wo_Ch · April 2

golfaddick said:

Covered End said:

Er_Be_Ab_Pl_Wo_Wo_Ch said:

Dumb ISA question -

I've opened, this week, a S&S ISA account for me, and another for my Mrs. Will be putting a chunk of change into each before the April 5th tax year deadline. Is it enough just to have the money sitting in the ISA wrappers by 5th, or does the money need to be invested by then too?

You can put in the cash and invest in S&S at a later date.

It all depends on the provider. Where is it going into initially ? A holding account ? What instructions do you have to invest? Some need a fund or other entity for it to be "invested".

It'll go into ISAs wrappers I've already set up with Interactive Investor, non-managed - ok, thanks @golfaddick I best give them a shout as no universal rule. I'll be buying into funds, I'm fine with that bit, it's only that tax-year eligibility bit I'm unsure of.

RaplhMilne · April 2

golfaddick said:

RaplhMilne said:

Can you believe this… advert on SKY this afternoon. Short term loans from £50 to £1500 over 6 months, an allegedly FCA authorised. INTEREST 1271%. How on earth can the FCA authorise that…… it’s criminal

The FCA regulate them as a lender like they would for any institution. What rates they offer is immaterial.......otherwise what do you suggest is an "acceptable" rate ? (or should that be an "unacceptable" rate).

I would say anybody who needs to borrow money at 1271% is most likely not in a position to pay that back. It’s preying on the most vulnerable……

Friend Or Defoe · April 2

S&P500 has recently dropped 1.7% and the NASDAQ100 more than 2%. He's a complete maniac.

IdleHans · April 2

Friend Or Defoe said:

S&P500 has recently dropped 1.7% and the NASDAQ100 more than 2%. He's a complete maniac.

Not sure why - Trump's nonsense can't be a surprise to anyone, surely this would have been anticipated and priced in already.

Rob7Lee · April 3

cafctom said:

golfaddick said:

cafctom said:

Rob7Lee said:

cafctom said:

Thanks.

Another idea I had was to potentially open up a SIPP account (ie - Hargreaves Lansdown) but then just put the money in cash. Is there a way to do that so that it technically can be classed as using up carry forward pension allocation before the deadline? And then invest it into funds after the deadline?

I’ve always had

1. current work Pension
2. private SIPP

currently back with Fidelity with about half in cash. No reason you couldn’t do the same, they pay a bit over 3% on cash balances.

Thanks - assume the interest is tax free in a SIPP?

I spoke with someone who tried doing something similar and said that they had issues getting the tax rebate back. HMRC basically just increased their tax free allowance, so whilst the pension had the top up - they couldn’t get the 25% paid back on self assessment as planned. Bloody confusing.

Yes, HMRC dont like sending out rebates anymore. They simply alter your tax code. That way they keep your money & your "rebate" is spread over 12 months. Big win for them.

I don’t mind too much as long as the rebate comes back in some way, shape or form over the next 12 months - just as long as I’m not losing out on the rebate value. The only drawbacks I see are:

1) Not having instant access to the lump sum
2) Subsequently not being able to invest that amount elsewhere right away.

I do mine on my tax return, whist it's rare even after that they owe me money, there is usually a choice of change next years tax code or opt for the refund.

se9addick · April 3

RaplhMilne said:

golfaddick said:

RaplhMilne said:

Can you believe this… advert on SKY this afternoon. Short term loans from £50 to £1500 over 6 months, an allegedly FCA authorised. INTEREST 1271%. How on earth can the FCA authorise that…… it’s criminal

The FCA regulate them as a lender like they would for any institution. What rates they offer is immaterial.......otherwise what do you suggest is an "acceptable" rate ? (or should that be an "unacceptable" rate).

I would say anybody who needs to borrow money at 1271% is most likely not in a position to pay that back. It’s preying on the most vulnerable……

But 1271% is the APR (I’m guessing) whereas payday loans are usually used to bridge gaps of a few days between paydays. The people who unfortunately have to avail themselves of these services are typically not able to obtain loans through more established lenders. These wonga.com type companies, whilst still charging eye watering high interest rates, at least don’t break your legs if you don’t pay like the “companies” that used to fill this space would.

Southendaddick · April 3

Donald is not helping my investments at the moment 🙈

Friend Or Defoe · April 3

IdleHans said:

Friend Or Defoe said:

S&P500 has recently dropped 1.7% and the NASDAQ100 more than 2%. He's a complete maniac.

Not sure why - Trump's nonsense can't be a surprise to anyone, surely this would have been anticipated and priced in already.

His unpredictability is predictable?! At least action was taken quickly after Trusseconomics.

IdleHans · April 3

Everybody knew tariffs were coming, I suppose the scale is greater than was expected. He'll roll some back once negotiations start. Usual bully boy tactics.

PragueAddick · April 3

The FT Alphaville people have cracked the calculations behind Trump‘s tariffs. It’s terrifying – the work of children (Trump‘s mob, not the alphaville people) https://on.ft.com/4jlBHsBReciprocal tariffs: you won’t believe how they came up with the numbers

bobmunro · April 3

PragueAddick said:

The FT Alphaville people have cracked the calculations behind Trump‘s tariffs. It’s terrifying – the work of children (Trump‘s mob, not the alphaville people) https://on.ft.com/4jlBHsBReciprocal tariffs: you won’t believe how they came up with the numbers

Beggars belief that these morons have so much power.
His base won't understand it though and that's all that matters.

Chris_from_Sidcup · April 3

RaplhMilne said:

Can you believe this… advert on SKY this afternoon. Short term loans from £50 to £1500 over 6 months, an allegedly FCA authorised. INTEREST 1271%. How on earth can the FCA authorise that…… it’s criminal

The APR is ridiculous but is also usually a bit misleading in these cases, as in general a lot of those payday loan companies are not lending you money for the long term. In some cases it'll be max 1 month, sometimes even shorter.

For example a company with an APR of 1,500%, for a 14 day loan, means a customer would pay back around £16.80 to borrow £150. Which is still fairly high, but by no means as crazy as 1500% makes it sound.

Friend Or Defoe · April 3

IdleHans said:

Everybody knew tariffs were coming, I suppose the scale is greater than was expected. Hell roll some back once negotiations start. Usual bully boy tactics.

Heard and McDonald Island with a human population of 0 (zero) have a 10% tariff. Who's he negotiating with, the penguins? I think people are surprised that he's gone ahead with it because it's so stupid.

Russia has escaped any Tariffs...

se9addick · April 3

Friend Or Defoe said:

IdleHans said:

Everybody knew tariffs were coming, I suppose the scale is greater than was expected. Hell roll some back once negotiations start. Usual bully boy tactics.

Heard and McDonald Island with a human population of 0 (zero) have a 10% tariff. Who's he negotiating with, the penguins? I think people are surprised that he's gone ahead with it because it's so stupid.

Russia has escaped any Tariffs...

Have you seen the tariff on the Falklands? They’ve been absolutely hammered!

stockportaddick · April 3

Boom said:

I've just submitted a claim to HMRC for the last 3 years. Its v straightforward and done online. Apparently they will get back to me within 28 days, which seems ambitious for that lot.

Don't hold your breath!
By coincidence I have just this minute received my rebate but only after a 6 month fight and eventually having to go via their complaints procedure. There were no problems, put my claim in online then nothing, I was ignored for months. HMRC is a bloody awful organisation.

bobmunro · April 3

Friend Or Defoe said:

IdleHans said:

Everybody knew tariffs were coming, I suppose the scale is greater than was expected. Hell roll some back once negotiations start. Usual bully boy tactics.

Heard and McDonald Island with a human population of 0 (zero) have a 10% tariff. Who's he negotiating with, the penguins? I think people are surprised that he's gone ahead with it because it's so stupid.

Russia has escaped any Tariffs...

Falkland Islands 42%

se9addick · April 3

bobmunro said:

Friend Or Defoe said:

IdleHans said:

Everybody knew tariffs were coming, I suppose the scale is greater than was expected. Hell roll some back once negotiations start. Usual bully boy tactics.

Heard and McDonald Island with a human population of 0 (zero) have a 10% tariff. Who's he negotiating with, the penguins? I think people are surprised that he's gone ahead with it because it's so stupid.

Russia has escaped any Tariffs...

Falkland Islands 42%

I believe this is ultimately in the UK’s interest however.

My understanding is that when the U.K. Gov’t calculate trade deficits they count the U.K. and crown dependencies (or whatever they’re called these days) together, meaning there is a trade deficit in our favour with the US (I.e. the US spends more with the UK) whereas the US calculate each of the crown dependencies as separate from the U.K. and hence the US figures show a broadly balanced trading relationship. Hence the U.K. got the lowest tariff but the couple of thousand penguin botherers in the Falklands got hammered.

Friend Or Defoe · April 3

Who saw the 42% coming?! At least the Falklands has some kind of economy. Heard and McDonald Island has no imports or exports!

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