Premium bond boost
Good news for premium bond holders: National Savings & Investment (NS&I) will be giving away more £50 and £100 prizes in their monthly draw. Previously the smallest £25 prize accounted for 98% of all payouts – but this will now drop to around 70%. These changes to the prize-fund ‘rate’ mean that with ‘average luck’ bond holders should get a return of 2.2%, up from 1.4%. Meanwhile the odds of any premium bond winning a prize have shortened from 24,500-to-one to 24,000-to-one.
Get ahead on self-assessment
Over 12 million of us need to file self-assessment tax returns by 31 January 2023. Any outstanding tax due for the year April 2021 to April 2022 needs to be paid by this date too. Those filing late face a £100 penalty and interest charged on tax owed. Last year’s Covid-related extensions have now been removed. First time users need to register for the service at least 20 days in advance of the deadline. It is advisable to file earlier if possible, as last year more than 50,000 people were trying to file their return between 4pm and 5pm on the deadline day.
King’s coins released
The first coins featuring the new King are now in circulation. The new 50p piece features King Charles III, with the reverse a replica of the image used on coins to celebrate his mother’s coronation in 1953. As is traditional King Charles will face the opposite way to Queen Elizabeth II’s profile. The Royal Mint will issue 9.6m of these new 50ps and begin work on other coins featuring the new monarch.
If you are interested in discussing the above further, please speak to one of our experienced advisers here.
The value of investments and the income they produce can fall as well as rise. You may get back less than you invested. Past performance is not a reliable indicator of future performance. Investing in stocks and shares should be regarded as a long term investment and should fit in with your overall attitude to risk and your financial circumstance.