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Old 3rd May 2019, 10:02   #81 (permalink)
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Re: Bank Interest Rate Offer

I pay an Accountant every year, I will mention to them, your suggestion to me.
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Old 3rd May 2019, 10:57   #82 (permalink)
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Re: Bank Interest Rate Offer

Quote:
Originally Posted by yalimart View Post
You can offset the tax paid in Turkey against that here on your tax return, I did.
I'm fairly sure you can't offset your capital loss against tax but would have to ask, ie £100,000 invested 12 months ago shows a loss of £27,000 not taking the interest into account.
But if you could it may depend when you actually invested it but at the end of the day we are all liable to pay tax on our income.

Martin
Nice idea but there is no CGT either on gains or offset for a loss. You are talking income tax here which is due on interest.
You pay income tax in your main country of residence. Any already paid in Turkey is offset against the home tax bill.
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Old 3rd May 2019, 11:16   #83 (permalink)
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Re: Bank Interest Rate Offer

Quote:
Originally Posted by Kanga View Post
Nice idea but there is no CGT either on gains or offset for a loss. You are talking income tax here which is due on interest.
You pay income tax in your main country of residence. Any already paid in Turkey is offset against the home tax bill.
I thought that would be the case, I would have asked my bride but as usual she is too busy to talk to me. there are some benefits after all.

Martin
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Old 3rd May 2019, 11:19   #84 (permalink)
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Re: Bank Interest Rate Offer

This is really just plans for the future. I intend to retire in Turkey and was looking for a true figure on how much Id need to live reasonably comfortably.
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Old 3rd May 2019, 12:03   #85 (permalink)
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Re: Bank Interest Rate Offer

We reckon that we spend about £11 000 per year living in Turkey. We own our own place, grow our own fruit and veg and run two vehicles. This does not include trips back to the UK, but does include SGK and utilities. We do eat out fairly regularly but it tends to be lunchtime so no alcohol costs.
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Old 3rd May 2019, 20:14   #86 (permalink)
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Re: Bank Interest Rate Offer

Quote:
Originally Posted by IbrahimAbi View Post
We reckon that we spend about £11 000 per year living in Turkey. We own our own place, grow our own fruit and veg and run two vehicles. This does not include trips back to the UK, but does include SGK and utilities. We do eat out fairly regularly but it tends to be lunchtime so no alcohol costs.
Nice to hear. I hope to retire there one day.

I will only run one car though. I'm not a bit drinker but hope to eat out a bit.
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Old 17th August 2019, 06:13   #87 (permalink)
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Re: Bank Interest Rate Offer

Quote:
Originally Posted by IbrahimAbi View Post
We reckon that we spend about £11 000 per year living in Turkey. We own our own place, grow our own fruit and veg and run two vehicles. This does not include trips back to the UK, but does include SGK and utilities. We do eat out fairly regularly but it tends to be lunchtime so no alcohol costs.
Kidding ??!!! I can live in London with that money !!
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Old 17th August 2019, 16:56   #88 (permalink)
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Re: Bank Interest Rate Offer

Turkish deposit rates drop to lowest since September - report 13/8/19

Interest rates on Turkish bank deposits declined to the lowest level since September after the central bank reduced borrowing costs for banks, Sabah newspaper said.

Returns for lira deposits holders dropped four percentage points in three weeks, Sabah said, citing data from the banking watchdog. The average interest rate on one-month deposits now stands at 18.47 percent, the lowest level since Sept. 7 last year, it said.

Turkey’s central bank slashed its benchmark lending rate by 425 basis points to 19.75 percent in July after President Recep Tayyip Erdoğan sacked its governor and called on policymakers to support the economy. The bank had kept rates on hold at 24 percent since October to help arrest a currency crisis and tame inflation. Consumer price inflation has slowed to 16.7 percent from a 15-year high of 25.2 percent 10 months ago.

The central bank rate cut has also brought down average interest rates on loans, Sabah reported. Rates on trade credits fell to 21.4 percent on Aug. 2 from 23.7 percent on July 19, the newspaper said. Rates on mortgages have declined to 19.4 percent from 21.3 percent, it said.

State-run banks lowered the interest rates they charge on loans to below inflation last month in support of the government’s efforts to revive economic growth. The country emerged from a recession in the first quarter of the year, thanks to an upsurge in lending by the same banks. The government has called on non-government banks to follow suit.

Increasing confidence in the lira means deposits held in the currency have grown by 40 billion liras ($7.1 billion) to 1.08 trillion liras in a month, the third highest figure on record, Sabah said.
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Old 17th August 2019, 20:04   #89 (permalink)
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Re: Bank Interest Rate Offer

Quote:
Originally Posted by Turkan View Post
Kidding ??!!! I can live in London with that money !!
Really ? I certainly couldn't live in the North West of England on that...

Last edited by suecheshireuk; 17th August 2019 at 20:09..
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Old 25th April 2020, 09:18   #90 (permalink)
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Re: Bank Interest Rate Offer

UK savers urged to switch after brutal cuts to interest rates

Savings rates are being slashed, with some high street accounts now paying as little as 0.01% interest. But experts said consumers “do not have to take this lying down,” and urged them to switch to one of the accounts still offering a semi-decent rate.

The financial information firm Moneyfacts said savings deals were being “pulled left, right and centre” as banks and building societies reacted to the emergency measures to support the economy during the coronavirus crisis.

Providers have been cutting already low rates. For example, NatWest’s instant-access primary savings account currently pays between 0.1% and 0.25% depending on the balance. From 8 June this will plummet to a flat 0.01%...

.
https://www.theguardian.com/money/20...uardianTodayUK

Pretty much the same in Turkey.
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