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"Mark Carney caused quite a stir last week when he suggested that the first interest rate hike since 2007 could come β€˜at around the turn of this year".

 

Today on the morning news they said that Santander have decided to raise their rates by 0.25% on Monday morning.

 

The analyst was saying that if the rate rose by 1% then on a Β£100,000 mortgage that would be a monthly increase of Β£50. Not insignificant.

 

If this is the start of a steady rise then I am pleased I took the decision to overpay on my mortgage.

 

Although as Interest rates rise I guess eventually savers will see some benefit.

 

 

 

 

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Originally Posted by Saint:

Oh yeah tax  

Many years ago a student in the accountancy office I used to work for won a few hundred pounds on a horse race. I decided to tease him by getting a copy of a letter from the Inland Revenue, blanking out the text of the letter and asking a typist to type a letter to the person who won that there would be some tax to pay on his winnings. The student was taken in but I did tell him after a few minutes that the letter wasn't real. (he should have learned from his exam studies for tax that tax isn't payable on the winnings)

 

El Loro

I'm not a betting person but I do recall as a young girl popping the odd bet on for a couple of my Irish aunties who liked a bit of a bet on the horses. . I am sure I used to have to place the bet, tax paid on the amount of the bet, so avoiding having to pay tax on any potential winnings.

 

Can't recall if that was Irish or UK tax law tho ..  

Mount Olympus *Olly*
Originally Posted by Mount Olympus *Olly*:

I'm not a betting person but I do recall as a young girl popping the odd bet on for a couple of my Irish aunties who liked a bit of a bet on the horses. . I am sure I used to have to place the bet, tax paid on the amount of the bet, so avoiding having to pay tax on any potential winnings.

 

Can't recall if that was Irish or UK tax law tho ..  

I think people in the UK used to be able to either pay 9% on the bet when staking it or pay 9% on any amount won but that was abolished years ago by Gordon Brown when he was chancellor.

 

El Loro
Originally Posted by El Loro:
Originally Posted by Saint:

Oh yeah tax  

Many years ago a student in the accountancy office I used to work for won a few hundred pounds on a horse race. I decided to tease him by getting a copy of a letter from the Inland Revenue, blanking out the text of the letter and asking a typist to type a letter to the person who won that there would be some tax to pay on his winnings. The student was taken in but I did tell him after a few minutes that the letter wasn't real. (he should have learned from his exam studies for tax that tax isn't payable on the winnings)

 

I did a similar thing

Friend got a new job

I photocopied the acceptance letter - blanked out most, used the header and wrote due to an admin error the post was no longer available, lol

I said they posted it to our workplace and handed it to her.

After a brief scare she knew it was from me LOL

Saint
Originally Posted by kattymieoww:

I remember about twelve or so years ago the annual interest rate on My cash ISA was 6.5% ,so yes savers have really suffered lately especially folk that invested pensions etc.Ain't got the ISA any more..spent it.

 

I too have just cashed in an ISA and overpaid on my mortgage. The interest was so low on my ISA that I actually saved more money not paying interest on the mortgage.

 

I have been lucky to have locked 2 ISA's at 3% and 4%. The 4% ended in April and the 3% ends next April.

 

 

Enthusiastic Contrafibularities
Originally Posted by El Loro:
Originally Posted by Mount Olympus *Olly*:

I'm not a betting person but I do recall as a young girl popping the odd bet on for a couple of my Irish aunties who liked a bit of a bet on the horses. . I am sure I used to have to place the bet, tax paid on the amount of the bet, so avoiding having to pay tax on any potential winnings.

 

Can't recall if that was Irish or UK tax law tho ..  

I think people in the UK used to be able to either pay 9% on the bet when staking it or pay 9% on any amount won but that was abolished years ago by Gordon Brown when he was chancellor.

 

Aah I thought I'd dreamt it...

 

think a Β£1 bet tax paid used to cost Β£1.10  when I did it. . was a very long time ago tho

Mount Olympus *Olly*

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