The UK’s second largest building society has announced plans to reward loyal members with around £51 million in cash handouts.
Britannia, which is based in Leek, Staffordshire, will be making payments averaging £56 to each of its 900,000 members as part of its annual Britannia Membership Reward (BMR) scheme. (more…)
Northern Rock currently offers three types of ISA’s: the fixed rate mini cash ISA; the instant access mini cash ISA; and the 30 day mini cash ISA. All Northern Rock ISA’s are cash ‘mini’ ISA’s, which means that up to £3,000 can be invested in it in each tax year. Up to two cash mini ISA’s can be held, as long as they are not owned in conjunction with a ‘maxi’ ISA - which are not available from Northern Rock.
However, Northern Rock does offer Tessa only ISA’s. Although Tessas (Tax-Exempt Special Savings Accounts) were replaced by ISA’s in 1999, the original capital can be ‘rolled over’ into a new investment - the Tessa only ISA’s, which are therefore only available to existing Tessa holders. Northern Rock offers three forms of Tessa only ISA’s: the instant access Tessa only ISA; the fixed rate Tessa only ISA; and the 30 day Tessa only ISA. These Tessa only ISA’s follow the same general format as their ‘normal’ ISA counterparts, except when stated. The main benefit of all forms of ISA’s is that they are exempt from tax. (more…)
An intricate system of tax avoidance has been announced by New Star which means that investors in its bricks and mortar international property fund could receive income payments tax free.
The fund has been structured in a way that when property is bought or sold, it is the holding company that changes hands rather than the property itself.
This means that land tax and stamp duty payments are largely avoided. (more…)
Holders of Individual Savings Accounts (ISA’s) have started to search the market for the best deals, according to new figures from ICM research.
Around 900,000 consumers have already decided that they can get a better deal on their ISA with another provider and have moved their money, says the report commissioned by Intelligent Finance. (more…)
Pensioners have been warned that although money invested in ISA’s is exempt from tax in their lifetime, they do not offer protection from inheritance tax (IHT).
Office of National Statistics (ONS) data shows that there are currently around 165,000 investors aged 70 who hold ISA’s and Peps valued at in excess of £100,000 - all of which could be eligible for IHT. (more…)
More than a third of Britons would only consider setting aside their bonuses in savings schemes like ISA’s if they were more than doubled in size, it has been revealed.
What’s more, no matter how large the bonus received almost eight in ten people (79 per cent) have already “mentally spent” the cash before it has even reached their pockets, according to research carried out by Alliance and Leicester. (more…)
The diversity of benefits offered to savers by individual savings accounts (ISA’S) has been highlighted by the Pep and ISA Managers’ Association (Pima).
With just 45 days left until the end of the 2006-2007 tax year, investors should think about taking advantage of the range of ISA investments available. (more…)
Marks & Spencer (M&S) Money is launching a new fixed-rate savings option with mini cash ISA product.
Available from the end of the month, the new option is targeted at customers seeking a guaranteed high interest rate and provides greater flexibility for savers.
The new mini cash ISA can be arranged over a fixed-rate of one, two or three years, with interest rates based on the length of the term, up to 5.55 per cent AER. (more…)
Savers have been advised to take advantage of cash ISA’s offering fixed interest rates of around six per cent, as analysts have predicted that they won’t be on offer for very much longer.
If savers do decide to invest in fixed ISA’s, rates could be secured for up to two years, even if interest rates fall. (more…)
Marks and Spencer Money (M&S Money) currently offers savers three types of ISA’s: a mini cash ISA; a mini stocks and shares ISA; and a maxi ISA. Up to £3,000 in cash can be invested in a mini cash ISA; while a combination of cash and shares can be deposited in a maxi ISA up to a value of £7,000 - although only up to £3,000 can be invested in cash. For maxi ISA’s and stocks and shares mini ISA’s, money can be invested in one or more of M&S Money’s five trust funds.
It should be known that it is not possible to subscribe in the same tax year to a maxi ISA and a mini ISA, more than one mini ISA of the same type, or more than one maxi ISA. M&S Money also stresses that although stocks and shares ISA’s offer the prospect of large returns, there is risk involved and it is possible that any initial investment may not grow and might even become devalued. ISA’s are a medium to long term investment, with a recommended investment period of 5 years. (more…)
