Are there tax free savings?
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chaim
Apprentice
Joined: 20 Nov 2004
Posts: 1
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 Posted: 03/10/08 - 08:31 Post subject: |
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My wife and I are both tax payers. When we considered some saving options there was always tax issue that bothered us. We would like to save money for future plans, but we wouldn't pay tax more then we have to. Are there tax free savings? Are there at least tax efficient savings? Thank you!
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keefe
Apprentice
Joined: 22 Jul 2006
Posts: 2
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| Posted: 04/09/08 - 02:54 Post subject: |
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Generally, tax is deducted for every interest paid to you by bank and building societies. You are able to claim tax return if you pay tax on lower rate then it's deducted and this refers to some savings accounts. Savings accounts with banks and building societies would make your payment tax-free if you register to get gross payment. There are also tax-free options for saving and also tax efficient products. If a product is tax-free that doesn't necessary mean that you would get more money from that product. That's why I would advise you to check all conditions of saving option before choosing one. National Savings and Investments offers safe way of saving and investment with no tax deduction. These products are Cash mini ISA, Saving certificates and Children's bonus bonds. There are also Premium bonds offered by they don't offer interest. You can also consider Child Trust fund if you have a child and want to get interest on your money for his or her future. You can also consider pension plans as a way of saving money for long term, until retirement, if that suits your needs. You would get tax reliefs if you decide to save this way.
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