Advice wanted

I would like to know how to set up an Overseas Company and Account possibly in British Virgin Isles or Panama in which I can stash my just awarded Army Pension rise, to keep it safe from the tax man..............

The rise has taken my monthly payment, before tax, from £192.46 to a tax busting £192.47 in May 2016........

So you can see I am in desperate need of this advice as soon as possible........

You could have invested in Premium Bonds when Gideon Osborne increased the maximum holding to £50,000, but this week he reduced the amount of interest being paid, from merely derisory to positively insulting.

Blink, and you've missed it, but I could put you in touch with someone anxious to sell a steel foundry if you're interested.

astradt1 wrote:I would like to know how to set up an Overseas Company and Account possibly in British Virgin Isles or Panama in which I can stash my just awarded Army Pension rise, to keep it safe from the tax man..............

The rise has taken my monthly payment, before tax, from £192.46 to a tax busting £192.47 in May 2016........

So you can see I am in desperate need of this advice as soon as possible........

The way to do it is to simply buy stocks overseas. then, you will need to get your broker, or yourself, to file this income under something that is not taxed.

The government's Savings arm, NS & I, invited the Sunday Times columnist Hunter Davies to comment upon its offering to investors.  Premium Bonds are advertised as a safe home for people's savings, since your money is always available on demand, unlike The Lottery for example where you lose if you haven't won.  The USP of Premium Bonds is a monthly draw for prizes ranging from £25 up to a Million. Someone with the maximum allowed holding (£50,000) can expect to receive "prizes" averaging £500 a year though the million-pounder has been won with a holding of just £17.

The article explains how winnings can be put on Deposit, but casually mentions that with interest rates at their lowest-ever the maximum £1M prize, invested, will produce only £8000 a year.  Better than a poke in the eye, but not quite enough to retire on.

Those who favour mattress-money should be aware that Treasury Notes of £5; £10 and £20 denominations will soon all be plastic meaning that paper versions will all need to be exchanged at intervals sometime during the next five years.