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Media centre /
Press releaseHOW MUCH CAN YOU SAVE TAX-FREE?29 April 2004NATIONAL SAVINGS AND INVESTMENTS LAUNCHES ONLINE TAX-FREE SAVINGS CALCULATORDo you know how much you could save tax-free every year? It is a little known fact among British savers that it is actually possible to maximise the returns on their savings by investing more than £90,000 in tax-free savings with National Savings and Investments (NS&I), the government-backed savings and investments provider.
For children, parents, guardians and grandparents can invest up to £1,000 in each Issue of Children's Bonus Bonds, the returns on which remain tax-free even if the child becomes a taxpayer. A free online service to help savers find out how they can maximise their tax-free savings is being launched by National Savings and Investments on 4 May. Simple to use, the tax-free savings calculator shows customers how much they can invest in NS&I's Savings Certificates, Premium Bonds and cash mini ISA. The service has been launched to help customers with their tax-free savings, says Gill Cattanach, marketing director at National Savings and Investments: 'The tax-free calculator is an interactive, fun way of helping people see exactly how they can make their savings work harder by investing them in our tax-free savings and investments. "Also, we want to help educate people about the effects of tax and inflation on savings and show that they can invest considerable amounts of money and avoid paying tax on the returns they receive." On Thursday 29 April, NS&I increased the maximum amount people can save in its Index-linked Savings Certificates and Fixed Interest Savings Certificates from £10,000 to £15,000 per Issue. ENDS Notes to Editors1. National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments products to 30 million customers. All products offer 100% capital security, because they are backed by HM Treasury. 2. The tax-free calculator requires Macromedia Flash Player (video, audio and graphics software). Download it free from www.macromedia.com/go/getflashplayer 3. NS&I is the exclusive sponsor of The Classical BRIT Awards, the UK's premier classical awards show, at the Royal Albert Hall on 26 May 2004. 4. Further information and digital images are available from the NS&I media team. An ISDN line is available for interviews. Media enquiries
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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