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Questions tagged [united-kingdom]

For questions that relate to the laws, practices, and products of the United Kingdom.

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176
votes
10answers
42k views

I'm supposedly eligible for an inheritance from a distant relative. Offer appears to be legitimate

About 12 months ago, I received a letter ostensibly from a company carrying out genealogical research for law firms. It said that they were dealing with the estate of someone who had left money to my ...
8
votes
4answers
655 views

How can I protect my savings against inflation? [UK]

How can I ensure that my savings keep up with inflation, even after any tax due is taken off the returns?
30
votes
8answers
12k views

A friend wants to use my account for a wire transfer. Is this a scam or is it legitimate?

I have a friend since July online and Exxon owe him for a balance on a 2014 contract off the shores of Liverpool. He is presently in the Gulf of Mexico completing a contract that last for one year. ...
6
votes
1answer
3k views

Do I pay tax on a gain made from a currency exchange following a house sale in USA

I bought a house in the US in about 2010 and used it as a holiday home for my family (it was never rented out). In around 2013 I sold the house, which after paying the estate agents fees and leaving ...
3
votes
3answers
302 views

Easiest way to diversify savings

Finance has always been a bit of a black art beyond current and savings accounts, so I'm hoping this makes sense. In light of the possibility of Britain leaving the EU (that isn't the actual reason, ...
74
votes
6answers
28k views

Currently sole owner of a property. My girlfriend is looking to move in with me and is offering to pay 'rent'. Am I at risk here?

I currently own a flat (UK) and have a mortgage for said flat. My girlfriend is looking for a place to stay and it would seem mutually beneficial that she stays with me. She has offered to pay 'rent' ...
29
votes
3answers
4k views

Does Bank Manager's discretion still exist in Mortgage Lending

UK-Based Once upon a time, banks gave mortgages based on the branch manager having known Joe Bloggs for 20 years and making a judgement call about whether he was good for the money. These days ...
4
votes
2answers
621 views

Pension LTA (Life Time Allowance) limit criteria

I've been reading about pensions and specifically the LTA (Life Time Allowance), and after spending days reading everything anyone has to say about it, the only thing I'm sure of is that there are ...
8
votes
1answer
705 views

How can a retailer automatically get details of my new payment cards

I recently found out I got tangled into some sort of scam which I wrote about it this question. The other mysterious bit of it is that the scammers were able to hold on to my new card details even ...
6
votes
1answer
319 views

Which is more advantageous: Lifetime ISA or SIPP?

I should preface that I am a self employed sole trader in my early twenties, and a basic rate taxpayer averaging somewhere between £28-32,000 per annum. The variation not only arises due to the nature ...
4
votes
3answers
783 views

Should we buy a house, or wait?

I am a 22 year old currently renting accommodation with my partner in the UK, and we are wondering if now is a good time to buy a property, and whether or not we can afford it. As background, my ...
11
votes
1answer
1k views

Calculate Income Tax amount of UK Salary

I've recently been trying to calculate different take home amounts from different salaries, and have ended up getting confused over how the different tax brackets work. If I try to calculate the ...
6
votes
1answer
1k views

My girlfriend has never owned a house, I have, can she get a help to buy isa?

this is a follow on from my previous question: What is the definition of a “first time buyer” with relation to the UK “help to buy isa”? So the Help to buy ISA has arrived. Having had a read though ...
5
votes
2answers
324 views

Money transfer to the U.K [closed]

Has anyone used a peer-to-peer option for sending money abroad? I pay a mortgage in the U.K. and am looking at the likes of CurrencyFair or Transferwise to exchange my Euro. Are there any hidden ...
4
votes
2answers
763 views

How long I should pay the mortgage to break even when selling? (is 2 years enough)

Some basic assumptions: London real-estate market is very expensive. I used mortgage calculators "how much I could borrow". I cannot borrow enough to buy a home in an area I want to live in long term;...
4
votes
1answer
3k views

Remittance of gift money from Indian bank account to UK bank account

I was born in India and came to the UK 11 years ago when I was 20 years old. I'm a British Citizen and hold a UK bank account. I also have an Indian bank account which is managed by my father in ...
3
votes
2answers
543 views

24% tax on first pay in the UK?

Quite a similar thread to others I've seen here - hope I'm not repeating the same questions again! I just got my first payslip after arriving in the UK and noticed that the tax is far higher than ...
2
votes
1answer
330 views

What I can do to offset a bad fixed-rate mortgage?

My mortgage came up for renewal right at the time in 2009 when UK interest rates hit rock bottom. This was unprecidented, and most financial advice was to take out a fixed-rate mortgage. So I perhaps ...
2
votes
1answer
11k views

Will it be taxable if I transfer money from UK account to India account?

I am a resident of India and currently in UK for 1 year on a work permit where I am getting salary in Pounds. My Indian salary has stopped till the time I am back in India. Now, I have a Home Loan ...
1
vote
2answers
1k views

Tax on Money transfered to India from UK?

I'm from India came to UK on Feb 4th 2014 and I will be in UK till Sept 30th 2014. I'm earning money in Pounds, and paying tax as per UK tax policy. I could save some money which I transferred to ...
1
vote
1answer
104 views

Corporation Tax Help?

I’m hoping some of you may be able to help, as I am not very well versed in the tax department. Here’s my situation: Last year, I started doing work for a company that required us to be self ...
1
vote
1answer
2k views

Money from my parents from abroad to my bank account in UK

I am from Japan. I have moved to UK recently on a spouse visa. I still have my Japanese bank account which I have been using even before I came to UK. I have saving in that account and also my ...
155
votes
10answers
38k views

My friend wants to put my name down for a house he's buying. What risks would I be taking?

My good friend, who I have known since we were kids, asked me for a favor today. He originally intended to get a house with his now ex-girlfriend so that he could invest in one and later on, sell it. ...
52
votes
8answers
26k views

Is this broker a scam?

I was contacted by a 'broker' in January, they said they're based in Switzerland (I'm based in the UK), and they asked to invest some money (as minimum as $1000). They told me that my platform would ...
11
votes
6answers
4k views

When will the U.K. convert to the Euro as an official currency?

When will the United Kingdom switch to using the Euro? The main group of European countries have adopted it as a common currency and it appears this is the future direction. If not, what are the ...
38
votes
2answers
14k views

Car insurance (UK) excludes commute to and from work, will not pay on claim during non-commute

My girlfriend was recently involved in a crash where both parties are claiming it was not their fault. She took out a policy with an insurance company called GoSkippy whose brokers are Eldon ...
30
votes
4answers
8k views

'Gifting' a house in the UK

In UK news recently, there has been much talk about so called 'dementia tax', that is, the government using assets (such as property) to pay for social care in old age. Whether or not people should ...
24
votes
8answers
5k views

UK Student Loan Repayments

This is something I’ve always wondered about and have never really found a satisfactory answer. Maybe I've misunderstood how student loans work. I've completed a Uni course (plan 2) after borrowing £...
12
votes
6answers
3k views

What is the process of getting your first share?

Hello I'm 21 years old and I recently moved to London currently employed as an Salesforce Administrator at Heathrow Airport. Everyone here talks about owning shares investing in different types of ...
57
votes
10answers
14k views

Why don't bond makers just get loans?

I was just looking at investment opportunities, and I found a number of places offering bonds paying up to 12% interest over two years. My first thought was, I can get a loan from my bank for 5% ...
22
votes
9answers
8k views

Second (easy access) account in case my bank screws up

Sometimes banks screw up. At the moment I have a single login with a single bank (various accounts inside). I'm not that rich, so that's no biggie. I'm under the personal savings insurance limit, and ...
20
votes
1answer
4k views

Do I have a right to cancel a purchase of foreign currency in the UK?

A few days ago I ordered 100 Euros using a travel agents website, to be picked up in their store and paid for them in GBP by debit card. I noticed just after that they aren't open on Sundays, meaning ...
14
votes
6answers
6k views

What should a 21 year old do with £60,000 ($91,356 USD) inheritance?

I'm turning 21 years old soon and have an inheritance coming into my control to the value of approximately £60,000. I'm full-time employed, as a Software Developer in a Financial Services company. I ...
8
votes
11answers
12k views

Is CFD trading a good idea?

I am planning on speculating in forex and possibly indices, however due to my lack of experience I don't want to invest too much. With £100, you can't really get very far with indices, and profit ...
4
votes
3answers
2k views

What's the correct formula to calculate my monthly wage (deducting UK Income Tax and National Insurance)?

For a given salary, how do I work out what would be paid into my bank each month? The Income Tax part is explained for the main part in this question, but I can't make sense of the National Insurance ...
2
votes
1answer
360 views

In the UK what are citizens legally obliged to do (in order to not be fined)

What government stuff do you need to do in the UK? I have heard the following terms in passing: ['council tax', 'electoral register', 'tax return', 'P60', 'Jury duty'] and I am now aware that I ...
16
votes
2answers
2k views

Double taxation on Americans working abroad?

I am an American. I am currently living in the UK. The UK will tax me on my income here. The US will also tax me on my income if I make more than a certain amount. Can anyone tell me what that ...
8
votes
2answers
1k views

How do UK Gilts interest rates and repayments work?

I'm looking at UK Gilts and trying to understand how the interest rates and repayments really work. As I understand, if I buy £100 of a "5% Treasury Gilt 2020" it means I will get 5% interest each ...
6
votes
1answer
3k views

Mortgage implications if I were to quit my job shortly after being approved?

I'm in a situation where I'm building my business around a regular job. As it stands the max I can borrow is about £46,000 (damn UK, I earn half of that/year!), based on my current salary. I would ...
5
votes
2answers
200 views

Contracter with day job - limited company dividends

I currently have a 'day job' as a web designer. I am considering taking on some freelance work which I have been offered and this would be completed in evening/weekends whilst also retaining my day ...
5
votes
2answers
4k views

Do I actually need a P60 to file a UK tax return?

I want to file my tax return for last tax year as quickly as possible, as I'll be owed a refund. In the employment section it asks for information from my P60, which typically won't be issued for a ...
4
votes
1answer
3k views

Can someone explain how government bonds work?

Can someone explain, for irresponsible investors, the maths behind government bonds as presented here? I am assuming that the "coupon" is the yearly interest paid on the original price. Since this is ...
4
votes
3answers
7k views

In the UK is it illegal for banks to open current accounts for non-residents/tourists?

To phrase it another way, if a Singaporean tourist walks into a MetroBank or HSBC branch in London, would the bank be allowed by the FCA to open a current account (at the branch managers discretion ...
4
votes
0answers
150 views

Capital gains tax and HMRC. What is the definition of a lodger and is there a difference between a friend staying a few months and a lodger?

I have two friends living with me and they only pay bills (no rent) and I wondering if I would be liable for CGT on the period they live there? I don't take any rent from them at all and they are ...
4
votes
2answers
1k views

Is it possible to rollover a UK SIPP retirement account to a US IRA when repatriating?

I've got a UK SIPP retirement account from being an expat working in the UK for 5+ years for an affiliate of a US employer. As I try to decide how long I'm going to stay in the UK, it occurred to me ...
4
votes
2answers
569 views

Choice between 2 false options in UK Tax rebate form

My wife stopped working in November 2014, and consequently we suspect she may have overpaid tax, and be able to reclaim from HMRC. We've found the relevant form to fill in (here, linked from this ...
4
votes
1answer
1k views

What effect will Brexit have on EU-wide Deposit Guarantee Schemes (e.g. FSCS)?

Across the EU, the Deposit Guarantee Schemes Directive1 (DGSD) requires member states to operate at least one scheme to provide protection for deposits with regulated financial institutions within ...
4
votes
3answers
798 views

How to start investing/thinking about money as a young person?

I have about 10k GBP in my bank, and I know for most of you that is not a huge amount. However, I will finish university soon and I would like to have in the back of my mind about how to start ...
2
votes
2answers
5k views

What is the dividend tax rate for UK stock

I had purchased some UK stocks from London Stock Exchange. May I know, what is the dividend tax rate by UK government for UK stocks, on foreign investor (I am from Malaysia)?
2
votes
4answers
1k views

ISA trading account options for US citizens living in the UK

I am looking for an ISA trading account that can be opened by US citizens that are UK residents. There seems to be a general trend towards brokers in the EU not wanting to do business with US ...