83

You do need a trust - but the fee is for professional trustees. If your mother appoints some people she trusts as unpaid trustees, then it's free. You are the obvious choice, but she will need some more trustees in case you die or lose competence before your brother dies. The trust should be written that the capital is held in trust for the ...


75

Frame challenge It’s easy to have multiple accounts with multiple banks without jumping through hoops. Halifax offer a current account with no monthly fee and no minimum pay in requirements. Nationwide offer a current account with no monthly fee and no minimum pay in requirements. Barclays offer a current account with no monthly fee and no minimum pay in ...


19

Short answer: no… When you pay into a a defined contribution pension (for example a SIPP), you get income tax relief at source. Usually this happens in one of two ways: Your employer makes the contribution from your pay before income tax is applied; or Income tax is reclaimed on your contributions after you have made them. First, the pension scheme ...


13

I'm amazed none of the answers so far have mentioned Monzo. You can open an account entirely using its mobile app – you just need to be able to take a picture of your photo ID, and record a 3-second selfie video to demonstrate that it’s really you and you match your photo ID. There are no branches, the account is entirely managed via the app. Let's go ...


13

Second Bank Account As far as mainstream financial institutions are concerned, the simplest course would be, as RonJohn suggested, to just open an account with another bank: either one of the major high-street banks (NatWest, Lloyds, etc.) or one of the "second-tier" banks/ex-building societies (Tesco, Santander etc.). The majority of "screw-ups" in recent ...


9

There's an absolutely fascinating history of independent taxation in the UK in this 1995 House of Commons research paper "Tax and Marriage". Some choice extracts below. Certainly income tax in the UK used to be paid as a couple originally: Since the introduction of income tax in this country in 1799 ... a married woman's income has been taken to be ...


7

When you say 'wayward' I assume he might have a drinking/gambling/addiction/loose women problem, and that any sum of money on his hands won't last long. One further possibility you might want to consider is to make him life tenant of a property (see Wikipedia for an intro). That would grant him the right to live at a certain apartment, but not be able to ...


7

The Lifetime ISA has existed for 2 years. In each of those years the annual limit has been £4000 and the bonus has been fixed at 25% in each period too. The government could change both the limit and the bonus in the future but have announced no plans to automatically index link either. ISAs have existed for much longer and their limits have changed over ...


6

Yes, you want to look for a "bridging loan", see eg more info here: https://www.moneysupermarket.com/loans/bridging-loans-guide/ Bridging loans are designed to help people complete the purchase of a property before selling their existing home by offering them short-term access to money at a high-rate of interest. As well as helping home-movers when ...


6

https://www.mycreditcontrollers.co.uk/Articles/how-late-is-an-invoice-still-valid.html Can I Just Raise the Invoice Now? Well in short the answer is yes, unless more than six years have passed. The only regulations placing a time limit on collecting a genuine debt is the Limitation Act 1980. Although you have the right to invoice, where the ...


6

It looks like the United Kingdom has annuities. It might be possible to set up an escalating annuity with a provision that on the death of the beneficiary the principal would go to his heirs (presumably his children). Another possibility might be a lifetime annuity combined with life insurance. Or a lifetime annuity with some of the money and some of ...


6

This sounds a whole lot like, open a current account at a separate bank, and carry its debit card with you too, in case of emergencies. That's easy peasy in every county that claims to be free, and most that aren't. Alternatively, carry a credit card for emergencies like this. If it's not what you're talking about, then please edit your question for ...


5

In the UK, banks discourage you having a current account (i.e. one on which you can get a debit card / access money via an ATM) that is not your main account, i.e. the one into which your regular income is deposited. That is because it costs them money to provide those facilities and if they’re not getting income from you to invest then it doesn’t make ...


5

The answer is a trust, but the kind you want is quite specific. You want to ask a solicitor to set up for you, what is called a protective trust. In the UK, that's a name given to a trust whose specific intention is to prevent the beneficiary from wasting the trust money that's intended to support them, and to "insulate" the money from any claims, if they ...


4

A trust is what you need. However a trust which costs £50k/pa to manage is either ripping you off or for management of +£5 million in assets. I would suggest you start with an Accountant (not a lawyer) to investigate setting one up. Note: any decent accountant will give you a free 15-30min initial consult You are going to need an accountant to prepare ...


4

Your question about when it makes sense to stop paying in depends on three things: The possible growth rates of your investments. The costs of going over the LTA. The benefits when under the LTA, which translate into lost opportunity to benefit if you undershoot. It's really hard to make a good guess about growth rates, so I won't try, and instead focus ...


4

You can put in a maximum of £4000 per year until you're 50 into a Lifetime ISA. The UK government will add a 25% bonus. The youngest you can be is 18 so that's 50-18 = 32 years you could contribute for, provided you live in the UK throughout that period. You only keep the bonuses for house purchasing if the house does not cost more than £450,000 and you're ...


3

The main pro of exercising early is that you can sell the shares and diversify your portfolio. It depends on how much the options are worth compared to your other savings. It’s foolish to have most of your savings invested in a single company. It’s positively reckless if that company is also your employer and you stand to lose both your job and your savings ...


3

This would proceed in a course that will have price growth in line with "regular" inflation. Hyperinflation requires inflation to rise by 50%. The UK does do a lot of exporting, so as the pound drops there will be more people demanding exports which will help the value of the pound. The UK exports 55 billion pounds and as the pound falls more countries will ...


3

It doesn't help in your specific case, but there is a limited ability to do this via the Marriage Allowance. From the link: You can benefit from Marriage Allowance if all the following apply: you’re married or in a civil partnership you do not pay income tax or your income is below your Personal Allowance (usually £12,500) your partner ...


3

First, all due respect, if you're talking 2% returns and £50k/year for management, then you should recognize your own limitations: your own knowledge of money has its limits, and that is relevant because there are lots of strategies available that are beyond your experience. Of course, that is a very hard thing to hear, because money habits are deeply ...


2

Simple mathsy answer: You say you’re past half way to the lifetime allowance which is £1055K – let’s assume that means you’ve got £550K, and you make 12% a year – not bad! Years = LOG(lifetimeAllowance/currentValue, 1 + yearlyIncreasePercentage/100) = LOG(1055000/550000, 1.12) = 5.74 years until you pass £1055000 without contributing a penny. If you ...


2

It depends what you spent the money on. From the terms and conditions: For the Credit Card, you will be awarded one Avios for virtually every £1 spent and charged per transaction. Avios are not earned on Balance Transfers, Cash Withdrawals, American Express Travellers Cheques purchases, Foreign Exchange, interest, any spending in excess of your credit ...


2

Question 1 can be answered by the prospectus. Interest accrues (starts adding up) from July 2009. But since it's inconvenient to pay fractional cents of dividend daily, accrued interest is only paid biannually. Interest accrued between 2019-03-07 and 2019-09-07 is paid on 2019-09-07 [edit] Gilts have two different prices quoted, "dirty" and "clean". The ...


2

Not so good in the middle-of-nowhere, but Nationwide Building Society still offer passbook savings accounts (if you open the account in branch). Others may do too. That may offer additional protection against computer failure, as you may be able to withdraw limited amounts of cash against the passbook from a branch.


1

If you had sold your shares on April 8th then you would have received the cash in your account 3 working days later. I think what you mean to say is that you placed an order to sell on April 8th and that order was never executed because there were simply no buyers in the market. The exchange would have issued warnings of a pending delisting in advance. ...


1

If you're wanting to ensure access to money (via card and/or cash), a bank account might be overkill. The simplest solution would be to get a prepaid debit card and load it with however much money you need. You can use it everywhere you'd use your normal debit/credit card, and many will let you withdraw cash at an ATM. I actually keep a couple of prepaid ...


1

Both. The date of your becoming a non-resident of Canada for tax purposes (and that can be a complex thing to determine) there will be a deemed disposition of your shares. At that point any capital gain or loss subsequent to that point would be just a HMRC matter and the FMV on that date would be the whatever the Brits have as an analogue to an adjusted ...


1

Advice here to look into a trust is generally good. That would be the safest way to ensure that your brother does not end up destitute. But I'd strongly recommend paying for an independent trustee rather than taking that job on yourself. Even if that trustee is merely a trusted family friend. I've seen that scenario play out in several families I know, ...


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