Tax Free Savings
The affordable way to reach your financial goals.
From as little as £80 per month, Samie Capital Tax-free Savings provide an easy effective way to save for your long-term goals, without having to pay tax on interest, dividends or capital gains.
Tax free Savings Details
From as little as £80 per month, Samie Capital Tax-free Savings provide an easy effective way to save for your long-term goals, without having to pay tax on interest, dividends or capital gains.
Other distinguishing features include:
- The ability to withdraw money at any time after 61 months.
- Contributions up to a maximum of £16,666 per year based on a 30 year plan
- Lifetime contribution limit of £500 000
How Do Tax-free Savings Accounts Work?
The example is based on a monthly payment of £1,388 for 16 years and 8 months, when the lifetime limit of £500 000 is reached. It assumes an investment in a balanced fund with a return of inflation plus 4% per year before fees, and a personal tax rate of 40%. These values are not guaranteed and are for illustrative purposes only.
- The investment return earned on a tax-free savings account is not taxed.
- The longer you invest, the higher the investment return on your investment and the bigger the tax saving you get.
- Tax-free savings accounts offer different investment options to suit your objectives and risk profile.
- Your money can grow faster in a tax-free savings account compared to a regular savings account because you don’t pay tax on the investment return.
- A tax-free savings account is therefore an effective way to save for your goals, because any interest, dividends or capital gains from your tax-free savings account will be free of tax.
Saving in a tax-free savings account gives you flexibility as you don’t have to commit to any future contributions. You can withdraw from your investment at any time after 60 months. Withdrawing funds, however, may prevent you from reaching your savings goals, and will use up part of your lifetime limit for tax-free savings.
Contributions to a tax-free savings account are made from post-tax income.
A tax-free savings account is therefore an effective way to save for your goals, because any interest, dividends or capital gains from your tax-free savings account will be free of tax.
No tax is payable on withdrawals.
Yes, you can apply for a Tax-free Investment on behalf of your child or other family member, but keep in mind that you will be using part of their tax-free allowance, which may limit their ability to save for themselves via this type of product later. Money withdrawn can only be paid out into a bank account which is in the family member’s name. Be careful of donations tax, if applicable.
The Samie Capital inflation rate is worked out considering the change in the consumer price index, or any other commonly accepted method of measuring inflation that may apply at the time. The Samie Capital inflation rate may differ from published inflation rates, due to differences in calculation methods. A minimum rate applies, which may change from time to time.
- Recurring payments into the Tax-free Investment are payable by direct debit.
- One-off payments at the start of the plan are also payable by direct debit.
There will be no transaction charge for any of the following:
- Reducing or stopping of a recurring payment
- Withdrawals from the plan
- Terminating the plan