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Your Money's agony aunt Liz Dolan is here to fight your corner and answer your questions. A former Sunday Telegraph money editor, Liz has been writing on personal finance matters for more than 15 years. If you have a question or are in dispute with a financial organisation get in touch with Liz at dearliz@telegraph.co.uk
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ARTICLES
QUESTION OF THE DAY
A reader writes: I have been reading with interest the press articles about the proposed changes to capital gains tax rules from April 2008 – in particular the advice to consider transferring assets between husband and wife to retain existing indexation benefits.
Ås I am currently unmarried, this option is not open to me, so I am considering three alternative strategies...
06 Feb 2008
QUESTION OF THE DAY
A reader writes: It is fairly clear from the letter from Jim of Ufton Nervet, that his
£400,000 would be held in common with his wife/partner.
My understanding is that the safety guarantee of £35,000 is per
investor for each investment company. Therefore, for a joint account
with the investment jointly shared, a total investment of £70,000 per
company would be fully guaranteed.
In this case, there would still be "absolute security" with six joint
investments rather than 12.
Is my interpretation correct? David Hawkridge, Ogmore by Sea
31 Jan 2008
QUESTION OF THE DAY
A reader writes: The sale of our house, due for completion at the end of January, will leave us with £400k cash for the next six months or so. For absolute security, we would need to divide the money between some 12 banks and building societies, which seems ridiculous as well as being difficult to manage. Have you any better suggestions? Absolute security is paramount. Is the Government guarantee about savings in Northern Rock sufficient for us to trust them with this amount? Jim, Ufton Nervet, Berks
29 Jan 2008
QUESTION OF THE DAY
A reader writes: Everyone seems to be talking about buying gold at the moment, but the
price has gone up a lot recently. Do you think it's still worth a
punt? -
Eddie Payne (by email)
29 Jan 2008
QUESTION OF THE DAY
A reader writes: I opened a one-year fixed-rate regular saver account in December
2006. I made 12 payments of £250 and received a letter dated December
2007 on the 7th December informing me that my funds would be available
on December 23, to be sent as a cheque because, unfortunately,
Britannia cannot pay it into my bank account.
As of today (January 15), I still haven’t received my funds, which I
planned to use repay the December spending on my credit card.
I know that I am not the only Britannia member to suffer and would be
grateful if you would take this up with the society.
I have requested a copy of Britannia’s complaints procedure
- Kirsten Mares, Ewell, Surrey
23 Jan 2008
Dear Liz
Liz Dolan answers a question about new NIC rules, Northern Rock bonds, and bank offers given to new customers only.
21 Jan 2008
QUESTION OF THE DAY
A reader writes: I have two properties. The first, which I have owned for more than 30 years, is my main residence. The second, which I have owned for about 10 years, has only ever been used by my wife and myself as a holiday home and has never been let. The original plan was to sell the first and retire to the second, but all that changed when my wife died three years ago. I now have to sell one or both and move into a retirement complex where there will be carers to help look after residents. I know my main residence can be sold free of any CGT but I am unsure of the implications of selling the second home. Would it be best to sell my main residence and then make the second my main residence? If so, is there any minimum period of time for which I would have to live there to avoid paying CGT altogether? Or, would it be best to sell my second home first so that I only have to move once? I need to make sure that I maximise the return on both sales in order to pay for the retirement flat and increased health and care costs which will inevitably occur as I get older. David Watt (email)
21 Jan 2008
QUESTION OF THE DAY
A reader writes: With reference to your article regarding a reader’s difficulties when
opening an account with ICICI, my wife had no difficulty at all when
opening hers. In fact it seemed peculiarly easy. The website is a bit
basic but it does the job. She has no problems getting money in and out
- and it pays a fantastic interest rate.
I think people tend to be fearful of the unknown but this account is
the best out there at the moment. We also save with Icesave and ING
Direct which are also good. In fact we don't have savings with any of
the big four banks.
By contrast, we have just tried to switch a current account from First
Direct to Halifax (because I was upset about First Direct’s new 0 per
cent interest policy) and the process was interminably slow and
difficult. Halifax kept wanting us to visit the nearest branch (an 80
minute round trip) to present documentation.
Different institutions interpret the money laundering rules in
completely different ways – ranging, in my experience, from simply
having to send a cheque from my current account to having to copy and
get certified passport/driving licence/ utility bill etc.
Why is there no uniform requirement for everyone? Andrew Barber (email)
09 Jan 2008
QUESTION OF THE DAY
A reader writes: Now that ICICI has signed up to the banking code, I thought I'd open an account. But, as well as a certified copy of a passport, they have asked me for a copy of a utility bill certified by an MP solicitor, or similar, plus six pieces of information relating to the certifier. The original gas bill is not acceptable, apparently.
I ignored the request, but they now keep pestering me as to why I have not sent it. Does anyone actually go along with demands like these?
Allan Hailstone, London
07 Jan 2008
QUESTION OF THE DAY
A reader writes: Some time ago I bought shares in a company called Tom Hoskins, which was listed on the Alternative Investment Market (AIM).
The shares are held by Barclays stockbrokers, which is unable to give a price or tell me anything about them. Could you tell me if the company is still in business and whether the shares are worth anything.
S Ludlam
19 Dec 2007
QUESTION OF THE DAY
A reader writes: I have a private pension plan with the Prudential worth £2,600. My only other pension is a reduced state pension. The Prudential says I can either take 25 per cent in tax-free cash now and take the rest in the form of a pension, or I can wait until I’m 60 (six years’ time) and take the lot in cash. This conflicts with advice given by an independent financial adviser who said I would be allowed to take the full amount in cash next April.
Who is right? Barbara Balloch
18 Dec 2007
QUESTION OF THE DAY
A reader writes: I have been pleasantly surprised by the good rates paid by savings accounts in the UK. However I have also been informed that foreigners like myself are banned from opening such accounts. The dollar is now losing value quite fast and I need to find a better currency in which to save. Do you know of any way I can legally invest in your country? Ragudo
17 Dec 2007
QUESTION OF THE DAY
A reader writes: I was happy to read that Ken Wilkinson's dispute with Nationwide concerning the bonus payments to his grandchildren has been satisfactorily resolved (Sunday Telegraph, December 2). But I was perplexed by the confusion surrounding the tax treatment of payouts. Richard Palmer, Wolverhampton
13 Dec 2007
QUESTION OF THE DAY
A reader writes: I was born in January 1946 and started work in April 1961 when I was 15 years old. Presumably, this means I had paid national insurance contributions (NICs) for 44 years by April 2005. Is it up to me to inform the relevant people that NIC payments should now cease? Is this even an option? David Jackson
11 Dec 2007
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