lara
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Post by lara on Apr 28, 2021 6:44:44 GMT
Apparently no-one at NS&I has heard of certificates of interest? Has anyone been successful in obtaining them?
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Post by overthehill on Apr 28, 2021 7:15:57 GMT
Aren't all NS&I products tax free so there is no requirement, is there? I've only ever had premium bonds.
EDIT : you're supporting the government and the country so I would make them all tax free if I was Boris!
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ptr120
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Post by ptr120 on Apr 28, 2021 7:17:12 GMT
Not all of their products are tax free but perhaps you need to be clearer about which of their products you are referring to.
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lara
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Post by lara on Apr 28, 2021 7:21:05 GMT
Good point. I've only had tax free products in the past but this last tax year I opened Income Bond and Direct Saver accounts for the brief period of time that they provided market leading interest.
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lara
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Post by lara on Apr 28, 2021 8:24:58 GMT
After calling many, many times, I finally found someone who knew what I was talking about. She's having them sent... it really shouldn't be this hard!
If anyone else is having this problem, don't waste your time trying to inform the ones who don't have a clue, just keep calling back until you find someone who does know, that's definitely the path of least resistance.
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Post by moonraker on Apr 28, 2021 16:56:57 GMT
I have a three-year Guaranteed Bond which, I think, is the only taxable NS&I product. I can access details of my various holdings, including Premium Bonds, on-line, including a statement for 2020-21 dated April 8 which I can download and print off within a couple of minutes.
Slightly confusingly, all interest on three- and five-year bonds is treated as being received in the year in which the Bond matures.
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littleoldlady
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Post by littleoldlady on Apr 28, 2021 17:35:32 GMT
I have a three-year Guaranteed Bond which, I think, is the only taxable NS&I product. I can access details of my various holdings, including Premium Bonds, on-line, including a statement for 2020-21 dated April 8 which I can download and print off within a couple of minutes.
Slightly confusingly, all interest on three- and five-year bonds is treated as being received in the year in which the Bond matures.
IIRC interest is always taxed in the year in which it is paid, not accrued.
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toffeeboy
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Post by toffeeboy on Apr 29, 2021 10:36:14 GMT
I have a three-year Guaranteed Bond which, I think, is the only taxable NS&I product. I can access details of my various holdings, including Premium Bonds, on-line, including a statement for 2020-21 dated April 8 which I can download and print off within a couple of minutes.
Slightly confusingly, all interest on three- and five-year bonds is treated as being received in the year in which the Bond matures.
Precisely the reason a lot of people go for these fixed term bonds, you can save for three years and not have to pay the interest year on year. Allows for better tax planning especially when you approach retirement and know your income will drop into lower tax brackets.
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pikestaff
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Post by pikestaff on Apr 29, 2021 10:53:16 GMT
Apparently no-one at NS&I has heard of certificates of interest? Has anyone been successful in obtaining them? Thank you for reminding me, because I'd forgotten to download mine! Log in, go to Your Profile > Your Documents, then choose an account. You will find a statement there, which also serves as your certificate.
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Post by moonraker on May 19, 2021 11:19:43 GMT
I have a three-year Guaranteed Bond which, I think, is the only taxable NS&I product. I can access details of my various holdings, including Premium Bonds, on-line, including a statement for 2020-21 dated April 8 which I can download and print off within a couple of minutes.
Slightly confusingly, all interest on three- and five-year bonds is treated as being received in the year in which the Bond matures.
Apologies to the OP. I've been assembling various Certificates of Interest for my 2020-21 tax return and sought to find one for my Guaranteed Bond that matured on April 18, 2020. I've just spent ten minutes floating around the NSI website and my account pages therein looking for a Certificate to download. All I could find is a closing statement, which doesn't show the initial investment. "Interest capitalisation" was given only for the last year and a "total maturity value". Obviously I can check back to confirm my original investment but ...
I rang NS&I and after the usual minute of recorded messages got through at once to an agent, who promised to send me a certificate in the post. I tried to differentiate between a certificate and a statement.
With some other financial-service providers this differentiation is somewhat blurred and their "certificates" look more like statements, which at least give me the figures for my return.The only other of my providers that accrues my interest until the end of the investment period (when tax for all three years will become due) is OakNorth.
The only other
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Post by moonraker on Jul 3, 2021 8:31:36 GMT
I've just received a maturity statement for my growth bond, presumably in response to my request for a certificate made on May 19! Soon after that, I was reassured by Pikestaff's comment: "You will find a statement there, which also serves as your certificate", and printed off a statement from the website.
I'm unsure as to when a statement became acceptable to HMRC. Nearly all the banks etc with which I have cash deposits send me certificates without being asked, though I still have to chase up two or three. I wonder if statements from them would suffice?
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littleoldlady
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Post by littleoldlady on Jul 3, 2021 18:49:43 GMT
I've just received a maturity statement for my growth bond, presumably in response to my request for a certificate made on May 19! Soon after that, I was reassured by Pikestaff's comment: "You will find a statement there, which also serves as your certificate", and printed off a statement from the website.
I'm unsure as to when a statement became acceptable to HMRC. Nearly all the banks etc with which I have cash deposits send me certificates without being asked, though I still have to chase up two or three. I wonder if statements from them would suffice?
AIUI unless you are under a special investigation HMRC do not require any document, they just want the figure on your self assessment return. They can cross check many figures submitted against returns from the interest paying organisations.
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Post by moonraker on Jul 17, 2021 13:07:43 GMT
Today's Daily Telegraph Money section has an article about "thousands of investors" being "misled" about NS&I changing the way interest is paid on bonds. Up to April 2019 one had to declare annual interest on Guaranteed Growth Bonds; this was changed to having to declare the accumulated interest on maturity. (The change was not made clear at the time and was not notified in the Key Features document - that anyway not all investors would read - until September.)
The article describes two HMRC officials giving incorrect advice about the tax treatment of bonds taken out in 2016 and 2018 and maturing this year. They insisted that it was the accumulated interest on maturity that should be declared, even though the bonds had been taken out under the old system. Later, HMRC stated that "the terms of a fixed-term bond may be such that interest is credited each year and, once credited, the bondholder is able to draw on it. In this case the interest would be taxable each year as it is credited or paid."
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