Frequently Asked Questions
We have answered below some of the most frequently asked questions about our Tax-Free Savings Plan.
If you can’t find what you need to know here, then you can do one of the following:
Call us FREE on 0800 195 9246 (8am – 6pm weekdays)
Email us enquiries@nationaldeposit.co.uk
Write to us at National Deposit, 4-5 Worcester Road, Clifton, Bristol, BS8 3JL
Alternatively,
Q. Do I have to pay any tax?
A. As a friendly society we have a with-profits fund which is tax exempt and we award bonuses based on how well the fund performs. You will not pay any income tax or capital gains tax on your investment. The only tax due is that on dividends from shares held in the fund which is paid by National Deposit and cannot be reclaimed.
Q. Can I have more than one Tax-Free Savings Plan?
A. Yes provided the total amount you pay does not exceed £25 per month or £270 annually.
Q. Can I take out a Tax-Free Savings Plan for my child?
A. Yes any adult can save for a child under the age of 16. You can save up to £25 per month or up to £270 annually in addition to your own allowance. Please note that the end date of a child’s plan must not be before their 16th birthday.
Guaranteed:
When your plan matures, you'll get back at least as much as you have paid in.
Not only will your hard-earned savings accumulate a tax free lump sum, but we guarantee that – whatever happens to stock markets or the world economy – you will receive back at least what you have paid into the plan when the policy ends. And in these uncertain days, that’s good to know.
Tax Efficient Savings for you – and for any child!
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Don’t forget, the Tax Free Savings Plan can be started for children too – many people use it as a way to save for their children or grandchildren.
Alternatively, why not find out more about our Tax free Saving Plan by calling us on 0800 195 9246 or order your FREE information pack.
