Not settling open years

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ns1 replied

5 June 2020, 15:47
Originally posted by DealorNoDeal View Post

* I've got a bit of money in a Gold ETF but DYOR

I reckon the miners will do better than gold itself. I've put 10k in an ISA in the Vaneck Vectors Gold Miners ETF. Fingers crossed I'm hoping this may cover my settlement in a few years time.

I did consider bitcoin but I couldn't find a way of investing in it in an ISA. The last thing I want to do is end up with another tax bill!!!
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DealorNoDeal replied

5 June 2020, 08:13
Originally posted by grj View Post

All my loan years are before 2010, which thankfully means no loan charge but they're all open.

I obtained a calculation last year from HMRC to settle which was 6 figures, including a sizable chunk of interest. I haven't got enough set aside to pay it all off but I should be able to save this amount over the next year or two.

I could pay it with a payment plan but I'm reluctant to hand over any money, which I can never get back, while there's still a possibility of a better deal. I would rather hang on to the money myself and only pay it when I'm absolutely forced to.

The question is, what to do with the money over the next few years? I know someone who was in a similar position and he invested after the 2008/09 crash and nearly doubled his money meaning it virtually cost him nothing to settle.

Anyone else thinking along the same lines?

Nigh on impossible to do that without taking a massive risk and being incredibly lucky ie. gambling!

A more realistic goal might be to try and beat HMRC's current interest rate of 2.6%.

If it was me, I'd split the money:
90% of it in a boring but safe savings account
10% on speculative punts

In terms of speculative punts, maybe a few high risk growth stocks eg. tech, biotech. Also, precious metals* and bitcoin might do well over the next year or two, given all the money being created, out of thin air, by Governments around the world.

* I've got a bit of money in a Gold ETF but DYOR

Last edited by DealorNoDeal; 5 June 2020, 08:19.
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grj started a topic Not settling open years

5 June 2020, 06:45
Not settling open years

All my loan years are before 2010, which thankfully means no loan charge but they're all open.

I obtained a calculation last year from HMRC to settle which was 6 figures, including a sizable chunk of interest. I haven't got enough set aside to pay it all off but I should be able to save this amount over the next year or two.

I could pay it with a payment plan but I'm reluctant to hand over any money, which I can never get back, while there's still a possibility of a better deal. I would rather hang on to the money myself and only pay it when I'm absolutely forced to.

The question is, what to do with the money over the next few years? I know someone who was in a similar position and he invested after the 2008/09 crash and nearly doubled his money meaning it virtually cost him nothing to settle.

Anyone else thinking along the same lines?
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