Final listener questions and closing remarks

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Find out on Good Bad Billionaire. Listen on bbc d. com or wherever you get your podcasts Heres your quip five lifetime Ier need to knows. Do not pay an exit or r other fees if you want an independent check first. I think they should have done it by carrot. They're doing it by stick. I think it's going cause a lot of people to be pretty upset about it. Just get a quid in. get it open Hello, I'm Martin Lewis and this is the cunningly named The Martin Lewis podcast. I do wonder what that's gonna to be about. don wonder we all know really, don't we Anyway. This is our big topic episode where each week we lead on one main subject to help you save. Usually most of it comes from a BBC Radio five live show with Adrian Charles, but there's also bonus money saving tips and tricks just for you, lucky lucky podcast listeners Play the themu Martin Lewis, how are you, sir? I'm doing very well. Thankk you very much. but we have a busy programe for everyone today. There have been a raft of huge announcements to shake up the ISIA individual savings account regime this week. and we're going to try and get through all of them. First of all, we all knew the cash ISIA limit is being cut next year for those under sixty five But now lots of specific rules have come in about what cash you can keep in a shares O, when you can transfer, when you can't transfer. And quite a few people are up in arms about it. I'll be going through step by step exactly what it means for people The bigger news this week though, is it's been announced there is to be a new first time Byer ICA to replace the lifetime ICSA. My guess is it'll be coming in next April. We've got the consultation document. I'll be talking you through the details of the new first time Byer ICA, which quite Interestingly, it's calledld. The first time buyer ISA. And what does this mean for those who already have money in lifetime ISIS and help to buy ISIS? Should you still continue to use them? what you should do and a lot more? We're drowning in questions. I hope you'll be drowning in answers at the end. tellell us this week, do you work for an airline, hotel or overseas travel business? If you do, what are the biggest mistakes people make when flying or going abroad We've had so many. I've had to split it into two and I'll be doing some this week and some next week. And then of course to finish Adrian, don't worry we can squeeze it in. G. We have a mastermind for The subject this week Car finance reclaiming, we've done a number of programmes. I think should you should find it easy peasy lemon squeezing Never is you make it so Now we' got plenty to get through Martin just a quick health check In these temperatures, have you reduced your daily step requirement? H you reduced your press up target. So daily step requirement not reduced. I've just walked in. I'm very glad I'm in an empty studio and you're somewhere else because there are some substantial sweat patches going on. Interesting. Very interesting. Normally when I walk, my heart rate doesn't go above a one hundred because I do a lot of walking. Today, it was I was checking. It was around one twenty five, So it was actually getting some cardio from it. So it's about a fifty minute walk in PresUps agent is off I did my shoulder in and I've had to call off the twenty five thousand press ups in a year challenge. I'm not allowed to do press ups at the moment and haven't been for six weeks. It's very sad. Okay, so today's pod is all about ISA's individual savings accounts. So I thought before we get into the main meat of all the changes, I would give you a quick beginner' guide. Don't worry though, understanding how ICA's work is a piece of cake. and I say that because I've literally been using the same cake analogy since two thousand one. If you've heard it before over it, G No Okay So bitit your cake Think of a chocolate cake if you like for cash savings or a strawberry cake for shares savings Now normally It's sitting there. Y cash savings gains interest and the tax collector can come over and take a bite out of that Your shares might have capital gains, profits, or they might get dividends being paid each year income on your shares or funds, or even interest from corporate bonds. And again, the tax collector can come along and take a bite out of the strawberry cpe too. But I want you to think of an er like a wrapper, a protective piece of cling film you can wrap around some of the cake twenty thousand pound limit each tax year Once your cake is inside it, nothing changes. The cashe is still cash. The chocolate cake's still chocolate The shares are still shares. The strawberry cake is still strawberry. The only difference is now the tax collector While there's Klingfil, they can't take a bite anymore, so you get to keep it all That's the point of ISIS. And once you put your money in ISIA, you don't just get the gain for that tax year as long as it stays in the King film, you get it year after year, after year That's why some people have hundreds of thousands of pounds in cash ISA and there are over five thousand people who've been maxing out their shares ISA allowance each year and have over a million pounds all protected from the tax collector inside their ISA Hopefully, you understand what a nicer is now Let's move to the meet after the cake Proably a bad analogy. Well, I suppose you'd normally have the meat first then Just get on with it Okay, so now I hope you understand what an ic is, but there's a lot in this pod. so I want to tell you where we're going to be going to help you understand the big picture I'm going to start on cash and shares ICAers. These are the general ICers any adult can have in the UK. There's no bonus or boom with them for first time buyers. This is just where you can save or invest tax free. change that's coming that we've already known about is that from April next year, under sixty five' s will have the limit of what they can put in a new cash icA reduced from twenty thousand pounds per tax year to twelve thousand pounds per tax year. The investment limit will stay at twenty grand But what's been announced this week is a whole load of ancillary annti avoidance rules, if you like Because there are ways you could utilize a shares icer to be effectively a cash icer so you could keep a twenty thousand pound cash icer in it And what the government's done this week is try and shut those routes down The problem for me is it has a few knock on unintended consequences that I will be explaining After that, we're going to switch subject slightly to the proposals that from probably next year next April, there will be a new First time by a ISA to replace the existing first time buyer ISA which is the lifetime ISA That first time buyer ICA will, just like the lifetime ICA, give you a bonus on what you'll save towards your deposit. So I'm going to talk you through what's been proposed, what we know, we know quite a lot, what we don't know, we don't know quite a lot And then after that, I'm going to move in detail on the existing first time buyer productuct, the lifetime ISA. that you can currently save up to four thousand pounds a year in and get a thousand pound bonus towards your deposit from the state. So I'll talk you through exactly how that works how you should use it now knowing that the first time Bayer ISA is coming in and the pros and cons of it. There's a lot to talk about. Let's do it I think we should probably start with the changes to cash on, which are the rules that are coming in So What we already knew was that in april twenty twenty seven Cash icer limit for those aged under sixty five. will drop from the current twenty thousand pounds to twelve thousand pounds. The overall IA limit will remain at twenty thousand. so it means you could put twelve thousand in the cash ISA and the remaining eight thousand in the shares IEA. You could put it all in the shares ISE. You could put five thousand in the cash isA. As long as you haven't got more than twelve thousand going into cash In that tax year, money already in doesn't count. that doesn't matter. So if you've already got money in cash Iis, the limit doesn't apply. So anything for new money going in a tax year, And that will start from april twenty twenty seven But there have been a lot of small changes coming in And we have to understand that. by first thinking Why are they doing this? Well, I've spoken to Rachel Reeves about this a few times and she has said, the reason is they want young people to invest. They want to encourage more investment rather than saving, saying it's good for the economy. It is, it's good for the individual, investing over the long term in a broad range of shares, is good for the individual And so I agree with the reason Personally, I disagree with the method. I think they should have done it by carrot. They're doing it by stick I think it's going to cause a lot of people to be pretty upset about it. I mean, to be honest, I was the one behind the carveout for the over sixty five s because I went in with the Chancellor twice or as one of those people, I should say, but I think I you know I remember the discussion. it was pretty plain Because she said, we want younger people to invest in them. I said, Wh on earth are you going to prevent over sixty five s who are trying to d risk from putting more money in a cash icer? And she said, Okaykay, fair And the sixty five s came from that. So And some people don't like me for it. they say it's a generational divide. Well, I don't like the whole policy, but we managed to get a carve out for some people. So let's go through what we've learnted this week because this is important. First of all When you have money in a shares icer You can currently keep it in a cash part of the shares isSer sort of like a savings equivalent and an interest. That's set up so that you can hold your money you want to invest in there, but some people use it to keep money in for a longer period They have now said that cash held in shares ers and also innovative finance ers will not be interest free and this is ageir relevant. so this will happen for the over sixty fivees two from next April. There will be a twenty two percent tax cash savings. Also just to be really technical, Sharia savings that don't pay interest, they pay an equivalent profit will count in the same way. So there'll be a twenty two percent tax on those too. Now I just want to be really clear here as I know this confuses some people When we're talking about your savings being taxed in the UK, we're never talking about the savings themselves. We're talking about what the savings earn. In other words, the interest you earn on savings is what is taxable So when we say there will be a twenty two percent tax on cash held inside a shares ISA, What that means is If the cash held inside a shares ISA earns interest twentyenty two percent of the interest will be taxed That's how it will work Now of course it's worth remembering, you would have the same if you didn't have your money inside an ISA. Basic rate taxpayer would pay twenty percent tax on their interest, a high rate taxpayer forty percent, a top rate taxper forty five percent. Though of course There is a thing called the personersal savings allowance, which means a basic rate taxpayer outside an ICA can earn a thousand pounds of interest a year, tax free, a high rate forty percent taxpayer, five hundred pounds of interest a year tax free. So if you haven't used that up And you are from next April going to be keeping cash inside a shares ISA Well, there is an argument, you'd be better off taking it out. But then of course, once you take it out, you've already used up your iser allowance when you put it in, and it's all just a bit confusing Maybe they should have made it simpler. Anyway, back to the pod Now my problem with this is actually One of the ways that beginners investors invest is they have cash in their account and they drip feed it in over a set period so they can try and ride out the ups and downs of the market and this will disincentivive that, which I'm slightly worried about. They're trying to do it to get people to invest, and I think this may well actually have some disincentive effect too Other new rules U sixty five s won't be able to transfer money from shares icers to cash ers. So again, you can't put your money in a shares Iicer and then decide I'm now going to move it into a cash icer, which you can do right now. So from next April, that goes, though you will, of course be able to move money from a cash icer to a shares icer money market funds which are investment funds that are pretty cash like. We thought they might have a tax charge on them too They've decided not to do that, but they've said you can't have all of your money market funds your whole share Iice would be money market funds, but they ha't put a minimum so you could literally you know, put Twit in a shaz fund and all the rest in a money market fund, if you wanted to, I'm not sure why you would, but you could if you wanted to do that Short date guilts won't count as cash like assets, which many were worried about. If you know what they are, you know what they are. If you don't, you're probably not interested in them in the moment. I'll talk about more about that another date. And the final one on this or getting in touch, you've got questions on it. We now know what age sixty five means. and I have been asked this so many times, I can now tell you. It is not that you will suddenly be allowed to put twenty thousand pounds into a cash a on your birthday They're saying in the tax year, you turn sixty five You will be allowed to put twenty thousand pounds in and every year beyond that If you turn sixty five on the fifth of April the day before the new tax year, You could actually put twenty thousand pounds in the dayate after your sixty fourth birthday Got it. Should we do some questions on all this? the Gavvin Does this affect cash Iis or is it just cash held in stocks and shares Iices So the new tax is only on cash held in stocks and shares isers. A cash isicer is by definition a savings account where the interest is never taxable you are never paay tax on it and it doesn't count towards all your other tax allowances. So it doesn't count to the thousand pound personal savings allowance that a basic rate taxpayer can put money in tax free. and that will continue. A shares IA will continue to be Tax free for capital gains, tax free from income from bonds, tax free on dividends. But You will now be taxed on cash. or certain very similar to cash. Type things held in a shares IA from april twenty twenty seven, it'll be twenty two percent Tony, I don't fully understand the cash held in a shares ISA concept. What else would you What would else would you hold in there Well, a shares Ier is for holding shares primarily and funds and bonds and all those type of investments. That's the idea of a shares Iicer. Hopefully I've probably explained it to you earlier, but people keep cash in there because so let's put it like this. you want to feed money into a global index tracker You put your twenty thousand pounds in at the start of the year into your sha eye. So this is how it currently works. The ISA provider might be paying you three or four percent interest. You probably won't get as much as putting it in a cash ISA but you can get decent interest. and you say I want to put a twelfth of it into the market and buy that global index tracker each month That way, sometimes you'll be buying on a high, sometimes you'll be buying on a low, but you're trying to spread it out, pound cost average it so that you're putting your money in a year and you're not buying all too high a price. That's the idea. And so people then they keep their money in cash in a shares iser to do that equally, If you've just sold a fund in a shares IA, it goes into cash. And you will want interest while that's being done and you might hold it in there until you decide what to invest in next. Now that cash, the savings bit, money you're holding in savings in a shares ISer is going to be taxable. And hopefully, as I've just explained the use of it, you can see why many people have a problem with it. I mean it is done to discourage people manipulating the situation and using their twenty thousand pound shares IA limit as a cash iser limit But it is also going to have some I think some perverse market effects for those people who are trying to use their shares ISA sensibly to buy and sell their funds at the right time. Lesleie, so if you' a cash ISA twenty K now at sixty two, is that still okay for next year? These new rules Well the new rules of how much you can put in only apply to new money being put in. Once you put money in a cash or a shares IA, it stays tax free year after year. So if you think about it, you could have put twenty thousand pounds in four years ago, twenty thousand pounds in three years ago, twenty thousand pounds in two years ago, twenty thousand pounds in one year ago, twenty thousand pounds in this year. You would have, I mean one hundred thousand pounds plus interest or growth if it was shares All of that stays as it is right now. The limit is only being reduced on new money you put in each tax year from next April and Paul says, canan he transfer money from a stock and shares, ISir or innovative finance iter into a cash Ier. No can't. No, that's God. but you will still be able to move money from cash to shares. Now look, the logic of the rules is pretty clear. And I should probably say what the current Chancellor wants to happen. And of course with a change at the top of the Labour Party, there's always a chance that these proposals that come in april twenty twenty seven can change. I think that's relatively unlikely on this particular one because they've been through a sort of rules consultation. But what she is trying to do is to try and encourage investing and putting barriers in the way to stop people shifting to cash from shares. I mean that's the aim that it's being done for. Whether we like it or not, there is a logic in the rules to an extent, even though I do think they have some perverse effects. Paul says, How is this going to be checked? Is this not moreord administrative red tape Well, yeah, I mean I presume that the way that the twenty two percent tax will be applied will be from the Shares ISA provider. That's the only way I can see it being done. and it will have to be applied within there. And yes, of course it'll be more red tape Now we're going to move on to tax free ISIS specifically for first time buyers or wanabe first time buyers or someone who may be a first time buyer in ten or fifteen years time There have been two of these products. The lifetime ISA or LysA is the one you can currently open. itss predecessor is the Help to Buy ISA. Both work in very roughly the same way You save money in them and then the state adds a twenty five percent bonus on what you've saved when you use it towards your first property. So with the lifetime IA, for example, you can put up to four thousand pounds per tax year in and the state adds twenty five percent on top. So if you max it out with four thousand pounds in, that's a thousand pounds free per tax year. It is a huge benefit, though there are lots of ifs and buts such as With a lifetime IA, you can only use it towards a property worth up to four hundred fifty thousand pounds. That doesn't sound like a problem for most of the country, but it can be a real pain for those people in London and the southeast, where typical first time buy properties can often be over four hundred fifty grand Anyway What we're going to be talking about today is going to cause me some naming problems. I've always collectively called the LISA and the Hel to By ISA, first Time Buyer ISAS, but now the government is proposing a new product called the First Time Buyer ISA Over to my chat with Adrian. Let's move on to First time buuyers story. So this is the consultation to replace the lifetime ISA with a new ISA called the First time Byers. Lysa, Lisa. ISer, Lysa. ICer. ISer. First time buyers Ier. Okay. Tell us about this then. Okay, so the consultation ends in August. My guess and it is only a guess is that they're trying to bring this in from april twenty twenty seven It is a return in many ways to a product much closer to the lifetime ISEA's predecessor the helpeled to By ISEA It's only for first time buyers, as the name suggests, it's not going to be for retirement saving. Remember that the lifetime Ier is this slightly weird hybrid product for first time buyers and also for savings over the age of sixty, you can take the money out that George Osborne invented to try and take some cost out of his treasure and to defer it and have the cost of future chancellors So here's how it's going to work The first time buyer ISA is a minimum age eighteen, so far there's no maximum age. Remember the lifetime ICSA is for eighteen to thirty ninees. This does not have a maximum age, but of course you have to be a first time buyer to get the bonus on it The bonus will be on the amount saved and it will be paid at exchange Currently with the lifetime ISEA, the bonus is paid each month, but here you will only get it in exchange. We do not yet know The bonus rate We do not yet know how much you'll be able to put in it And we know it will have a limit on the value of the property you can purchase But we do not yet know, and it's not in the consultation. I mean if this is part of the consultation, what that limit will be. However, They say in the consultation aim and remember consultations of proposals so they can change after people feed in They aim to align we LSA and helped to buy ISA property limit with the new first time buyer property limit. Now the help to buy ISA property limit is two hundred fifty thousand pounds or four hundred fifty thousand pounds in London. The lifetime ISO property limit is four hundred fifty thousand pounds across the UK So my view If they're hoping to align all of them, The minimum the new threshold must be is four hundred fifty thousand pounds because it would be unthinkable and political suicide to screw young people over by lowering the lifetime ISA cap when they've already put money in So logic dictates it must be at least four hundred fifty thousand. and if it isn't, people should rightly be absolutely up in arms about that. What we don't know is whether they will be uprating the four hundred fifty thousand or whatever the new property threshold is with inflation or house prices each year. I will certainly be campaigning for that to be done so because that's caused a mass unfairness on the lifetimeysa A few more points, you will just like the other two have to be getting a residential mortgage to do it. It will be an individual product, so it depends on whether you're a first time buyer, not on who you're buying with Bonus is paid at exchange not completion. which is good. The helped to buy IC was a big problem. It was paid too late in the process. This is paid at exchange. so you can use it not just as your mortgage deposit, but you can use it to help give a deposit to whomever you're buying the house off also means there isn't a withdrawal penalty because unlike the lifetime Ier where the bonus is paid each month here If you would draw early and you're not buying a house, there's no need for a penalty because you haven't had the bonus yet. You must like the lifetime Ier, you must have it open for a year to use it. So you know, you're going to want to get a pound in as soon as possible. So you've got it open and get that clock ticking, just like I suggested with the lifetime Ier. It will be cash or shares, first time buyers ISS. They're most first time buyers, you're only saving for the short term. you should probably want to get it in cash Transfers will be allowed between different providers And this is the crucial one, which I think is going to cause a lot of people Maybe frustrations, but maybe some positives when I explain it a bit more If you have an existing help to buy ISA, which is a now closed product that many people still do have money in from when it was an open product You will be allowed to transfer that into a first time buyer ISA If you have an existing lifetime ISA or LSA, you will not be able to transfer it in to the first time buyer ISA However, you will be able to use a lyser and the first time I IA together to buy a property and get the bonus on both which is quite important. Again, a reminder all of this is consultation and proposals and things could change Okay, some questions. Yeah La sure. Lisa says, I know I get things wrong sometimes, but replacing me is a bit harsh. I'm sorry, Lisa, I'm sorry Lisa. But look, the most important thing for Lisa and for Lysa What they are saying quite clearly is if you have a liyser and help to buy ISA They will continue on current terms. So when the new one comes in, you may not be able to open the new LicSA, but you will be able to continue to use it as you currently can. They're worth noting the helpel to buy ISA has a time deadline, has to be used by twenty twenty nine. The lifetime ISA doesn't. So existing so licas can continue I was going to say people can't put things in you, Lisa, but I think that's probably a bad phrase. I think we'll move on from that. Okay. Carol, given the balance is paid at exchange you realize what I said, You know, when you realize the words com be, it's all for you can take out of the podcast, can't you? But it's gone now, Mart. We'll keep in. We'll keep in. Given the balance is paid at exchange, says Carol, wouldould it be a percentage of the balance at exchange or a percentage of all deposits? depending how long the account is open Those two amounts could be very different with compound interest It is a very interesting point and under the consultation, It will be based on the amount you have contributed without interest I will be certainly suggesting they also add the bones to interest because this is a big difference between the Lyser and the first time buyer ISA att the moment With the lifetime ISA, you get the bonus on what you've contributed each month. Then you have the bonus sitting in your LISA account and then you have interest on top of both what you contributed and the bonus. So effectively, you have a compounding benefit on the bonus. Now if they're going to add the bonus exchange and they're only going to do it on the money on the way in you're not getting that compounding benefit. And I think there's an argument to say you should. I think it's an argument, I will lose there Stacy can someone forty plus access any of these savings accounts as a first time buyer So the proposals are you will be able to open a first time buyer ISA when it starts next April because there is no upper age limit as there is with the lifetime ISEA. There wasn't an age limit on the help to buy ISA, but it's gone and you can't open it. It is worth noting it's the age you open it countounts Anybody aged thirty nine certainly should be getting a pound in it now so you have it open and then you can continue to use it, even if you don't want it. Even if you think it's pointless because you're not a first time buyer, there might be a chance you want to use it later for retirement savings. But the answer to the question is the proposal is the first time buyer, ISA will be available for over forties Alexandra, what about a singleton who lives with boyfriend Boyfriend has a house The Singleton, however, is not on doesn't have a mortgage.'s not on the mortgage, I should say Can it be used to purchase a house in the future with the boyfriend as she will be a first time buyer Yes, so let's be very plain for both the Hel to Bag IA The lifeet, it's not a both. For all three, I've got to change my language. It's you coming in. For all three of the helpel to byy ISA The lifetime ISA And the first time buyer ISA They are all individual products What matters is Are you a first time buyer If you are a first time buyer, you can use this and get the bonus. Whether you're buying with someone else who is a first time buyer, in which case they could also use this and get the bonus, or whether you're buying with someone who is not a first time buyer, in which case they can't use this, but you can use this. So yes D It is not about who you buy with, it is a totally individual product and the rules apply to you, not whomeomver you're buying the property with. Allan says so Lysa cannot be transferred in. as they already have the twenty five percent bonus. What will happen when a first time buyer now buys a house? Can the LSA and the new ISA be used together? one with twenty five percent already added together With a new ISO with twenty five percent addited exchange or only one So my current reading of the proposals is and these are te I hope people are following. Cannot use a help to buy ISA An a first time By a ISA together But you could move your help to buy ISA money into the first time buyer ISA, but you can get the bonus on both a lifetime ISA and a first time buyer ISA Now this is actually incredibly important and I'm going to move this to a bigger point now That means there is a chance that you can double up everybody who has the ability right now Everybody if you are aged eighteen to thirty nine And you do not have a lifetime ISA Even if you have already bought a property May I strongly suggest you put a pound in one payers are pllum and money box both pllum pays five point six percent, money box five point eight percent interest. There's a big price war on that at the moment. And I just need to explain this in detail for anyone There are a number of reasons why If you are a first time buyer Because you'll be able to have a Lyser and the first timee buyer ISA, you may be able to double up. The reason I would do it now is with both those products, you need to have had it open a year before you can get the first time buyer bonus. So if you put a quid in now, even if you're not expecting to buy your first house now And something were to happen next year that meant you suddenly could buy, you could dunp your four grand in the lifetime ICA because that's maximum you can have in each tax year, and you would instantly be eligible for a thousand pound bonus from the state or boost from the state. And you could do, well, you couldn't do it next year because the first time Barer ISA has to be open for a year, but if you bought in two years' time, you could get the bonus on both So putting a quid in now gives you that facility. but E If you are A you've already bought a property so it isn't useful for you. If your age between eighteen to thirty nine The lifetime ISA allows you to save for retirement and you get the twenty five percent bonus. Now for most people, certainly for all employees where you're in the auto enrollment scheme and you get matching contributions from your company Pension is better And for many self employed taxpayers are pensions better, although it's much more it's quite similar putting money in the state pension and the tax benefit for a basic twenty five percent rate taxpayer as it is putting money in a lifetime ISA But you do not know your future And we have now been told the lifetime Ier will stay open I would absolutely make sure I have the facility of a lifetime ICSA available to me Be they're going to shut it to new entrantance probably next April, That's some guesswork. out have the facility available to me by putting a pound in so that if at some point in the future it becomes worthwhile for you to use it as a first time buyer Or it becomes worthwhile for you to use it for your retirement savings or both you have the facility, you have it open, and then you can use it. So just tell everybody aged eighteen to thirty nine Do you have a liysa? If not, just get a quid in, get it open. That's what really matters. Thank you very much, Martin. talk again after just Chill out A those sweat patches receding at all now Yeah, yeah, And yes, and the odour is good too, A and you'll be pleased. Okay, those continental shapes are getting smaller by the minute. Nice to know. Tell us about you tellell us and there's some great ones this week. So the original question was tellell us, Do you work for an airline hotel or overseas travel business? If you do, what are the biggest mistakes people make when flying or going abroad and what are your top tips the response was Absolutely fantastic. I have to tell you so much so, Adrian I have segmented them, so we're going to just do flight crew today only going to do the ones from the flight crew and I'm going to save the rest till next week So why don't you start because my computer has just decided not to show them? Okay, I'll start with the first one because I really want to do the third one. It's one of my favorite ever tell us responses. so okay, so insurance, says Simon Speaking as air crew takes you abroad. also don't get too drunk before you board the plane You can be refused boarding, donon't vape Don't misbehave. the aircraft could end up in divert, have you disinvite, ruin your holiday basically you could get your pants suwed off as well. It's only a few hours, enjoy the flight and come and say hi to us at the front end once we land. Sounds fair to me? Absolutely right. And insurance is important because let's just remember my golden rule, you get insurance as soon as you book. or if you've already booked and you haven't got it, you get it as soon as you hear me say this becausecause half the point of travel insurance is to cover you if something happens before you go that stops you going. to bear buy it now to start now, not to start on the day. No. Bying it now to start on the day that you go on a single trip policy is fine. So if you're going away at the end of August, you'd buy it today date with the dates to the end of August on an annual policy, you need to have a contiguous one in place So if you have one now, if your annual policy ended the end of August and you were going in September Most policies would cover you if something happened now to stop you going in September, even though it was after the period, but you'd want to be buying now a policy to start the day after your existing annual policy stops so that you're covered all the way through and you'd want to have that in place now too Okay. Steve. Yeah, working for two at Manchester Scary how many people are turning up to the airport with a due to expire passport So let's be really plain about the passport check here. So this is me, not Steve now two checks For the on the day you enter the country, there needs to be at least six months left before the expiry date or three months if you're going to the EU Even so If you're going to the EU, you need to check will your passport be under ten years old So Because it used to work that you could get your passport, if you had eight months left on your passport when you were renewing, you could get that eight months added to your new one. So your new one would last ten years and eight months. It means that you could be more than three months away from renewal of your passport, but your passport be over ten years old and that can stop you having entry. And I genuinely have people who get in touch with me who this has happened to who have been denied boarding on the plane, which is bad or worse they've got on the plane and they've been denied entry when they land and sent back your passort date Steve is right You do, Sarah Sarah, said I work for an airline. Biggest mistake ever people go to the toilet on the aircraft with no shoes on Let's not dwell on that But we hear you. I'm one of those people Really? Yeah, I'm sure I will be from now on. Sometimes you're taking your shoes off, you knowre tired you're sleeping, you suddenly need the you, you get up, you go and you're not. But on a private jet, it's different. Yeah, right. I've never been on a private jet. One day I'll do it H actually? No, I have. So you made the joke about me. I have noticed couple of times when we were covering football and there' It was just cheaper to get the ITV team. I think San Sebastian which are very crampped I very cramped I'd say. I wasbody was you're all feeling pretty terrible for you, I'll be honest, but you know yeah, but you're not missing much. Please do get in touch if you feel sorry for Adrian and think of anything to chim him up about his cramped experience on the private jet and Jemem cabin crew here Traveveling without simple painkillers, notot all airlines can give you paracetamol or others without a doctor present. It's much easier if you have your own with you. Some passengers really think the aircraft first aid kit is a personal pharmacy. Yeah, I mean, I always take painkillterers with me just in case Alex, don't pack your medication or keys in your h luggage. Always bring spare underwear and a change of clothes in your carry on You know what I would what it's relaxed me no end is putting you know, one of the tracker devices an Apple tag, putting one of those in your in your hold luggage Well I mean it will help you locate where your whole luggage is, but if it's good it' not to Cancoon, then you're in Barcelona, then obviously it's still not helping you, ye. So the change of underwear is a good one. I think that's really important and your medication. Absolutely. Sam used to work for an airline. So many people would get on a late night flight from a winter sun destination wearing little more than a bikini And then wonder why they were freezing on the plane and on landing back in the UK too. And no We do not have any blankets we can give you. Got it. Ali, work for BA complaints. Don't complain your ice melted too fast. That's ses Wellry in first class, you're paying a good amount, Alie. I think you're entitled to slow melting ice at least We have so many good ones of these, but if you forgive me Arian, I'm worried we're not going to get through the lifetime Ier stuff, which we need to do as well. Shall we finish there? Are you happy? Yes. I'm happy. I'm really enjoying going through them. I know you're doing more of them on the podcast. Let' move on to existing first time buyers a lifetime Iice, it's going to be replaced but you can still open now and use it. Again, we've had more questions asked than England did of Ghana's defefence, but give us the basics first here. Lifetime ICAS can be opened if you're aged eighteen to thirty nine and if you've never owned a home, you can get a twenty five percent boost to first time buyers savings up to a maximum thousand pounds free each year There's a rate war on two now at five point eight percenters've already said. So let's' just give you your success on this. Hi they actually say Hi love the newsletter and the Martin Lewis podcast, a doubly double one. That is from Jordan who emailed a while back Another lifetime ISA success for you, I save for seven years and my partner's six, so we got thirteen thousand pounds towards our deposit from the state with interest that got us to a twenty percent deposit on a three hundred thirty thousand pound property. Thank you. So you can see how important it is. Here's your quick five lifetime ICA needs to knows. The twenty five percent bonus is on everything you put in up to four thousand pounds a year till your're age fifty So if you started to take teeen and saved to age fifty, you could have thirty three thousand pounds If you put a thousand pounds in, you'd have twelve hundred and fifty. If you put the maximum four thousand in, you'll have five thousand It can be used on your first residential home costing up to four hundred fifty thousand pounds It is defined a first time Barriers those who've never owned or part owned a home anywhere worldwide and you need to be getting a mortgage. This is the big warning though If you're not buying a qualifying home and withdraw before age sixty There is an effective six point two five percent penalty What actually happens, let's not worry about the mass too much is you get a twenty five percent bonus on the money you've put in And then you get a twenty five percent taken off the money that you've got in there when you withdraw. The way the math works on that, is is effectively about sixcent to a quarter percent less than you put in you get back Now I don't have a problem with the penalty in the generality where I have a real problem with the penalty is if you've been saving your price out of the market And that four hundred fifty thousand pounds has not risen since twenty seventeen. So it's been frozen since they launched the product. And you saved for the right reasons and now you want to buy your first property, but it's gone to four hundred sixty thousand because you're in London and it's expensive. You're now having to pay a penalty to the state to get your first time deposit money out becausecause you did what the state suggested you do and use a lifetime ICA to save for your first time buyer property. I have been campaigning on that for a long time. It has not been fixed yet. We've already talked about how people buying together can have one each. That's probably where I'll stop because I know you got loads of questions As's one from Colin, if you haven't opened one yet, should you do so or wait till the new one is launched? Absolutely, as I mentioned before, I would be opening one now and getting a quid in now and then you've got a choice of which one is best for you or maybe you can use both when you get there. So have one open. Having one open doesn't stop you and you can open with a quid at the two bestest Buys money boox and plum Weot got a question from Natasha. Where are you today, Natasha? Hello gentlemen, you're right? Hello, Youre right? Hello? yeep, yeah. I'm calling from North Stevon, Bidifford. All right, very nice spot. So's very hot there today, isn't? Are you in the hot spot in the Yeah take it lovely. You work in a shipyard, Natasha I don't indeed. Oh exciting. Indoors or outdoors Oh we're indoors, we're indoors. Is a air conditioned? Is's air conditioned indoors shhipyard? Wh Whistful thinking, whistle thinking. Oh. Okay. So what's your question? My question is, is I'm hoping or I'm looking to save from the deposit as a first time buyer But I'm not sure of the best way to go about it. I used to have a help to buy I said but obviously that closed last year So now I'm in a better financial position Well you say,it, whyy did it close last year? you closed it because Yeah, I did't actually contribute. At the time when they were saying that they were going to close it, me and my brother opened it just just in case. but obviously we didn't reach the financial position we're in now. So have changed and now it's not there anymore. So I think that there are two questions. Forgive me You're not supposed to do this. How old are you forty three Okay So very simply, you cannot open the lifetime ISA because you have to open it before you are forty So o. I would still check. they actually wrote you and said we're closing it down because you've not put any money in the help to buy ISA did that. It's definitely closed. That's correct Okay. So then your option will be This new first time buyer ISA that starts next April, my guess. They haven't said that, that's my guess which Currently in the proposals does not have a maximum age limit. We donon't yet know the lifetime IA gives you a twenty five percent bonus on money you put in. We don't yet know what the bonus will be and we don't yet know how much money you can put in because that's not in the proposals. You will have to have it open a year to get the bonus. So when are you thinking about buying? When do you think you will be financially be in a position to buy? Maybe eighteen months maybe Okay Yeah, eighteen eighteen months two years. Right So Let's be really plain Based on the information I have at the moment, but please remember it is a consultation and things could change If they launch it next April, I would put my money in the first time buyer ISA because you can And hopefully when you buy, you will get a bonus. let's guess it will still be up twenty five percent of the money you put in Now you will only be able to get that bonus if you've the property open if you've had the ICA open for a year. If you buy in eighteen months time, you won't have done. But under the current proposals, unlike the lifetime ICA If don't if you're not going to get the bonus, you can just take your money out with no penalty and you will have still got interest. So you will not be any worse than just putting it in a normal life or a normal savings account. It'll be the same And if you wait a little bit longer and you buy a little bit later, then you would get the bonus too, so you would be better off So at the moment, you need to be saving in just a top normal savings account or cash ISA if you pay tax on your savings, where you can build up your savings with the most interest and then from next April you want to put your money as much as you're allowed to in the first time buyer ICA unless these proposals change when they become at real. Does that make sense? Fantastic. Yeah, that's absolutely fantastic. This just wasn't what it's sure to do in between the meantime, but justust go and use your savings account. If you haven't got much savings, and you know, somewhere like Chase is paying four point five percent interest easy access. so you could put your money in there, you can start to build it up in there and you wait to see if this new first time about ISIA launches I mean, there is a tiny caveat, of course We're about to have a new Prime Minister And these are proposals under the current regime. I don't think this will change But who knows Okay, that's brilliant. Thank you very much guys. Thank you. Have a lovely day. Have a good day k. Bye. Byee. Okay. Thankk you. My sons each have SNS license from Steve. Do you believe you're still worth putting in the four K each year given the restrictions on property purchase value and withdrawal penalty? We live in Greater London It's sort of pricy So basically what you're saying to me is we've got money in stocks and shares lifetime IS, but we're worried that the property they'll buy will be above the four hundred fifty thousand pound cap So this funny we covered this in theQuestion Tim podcast last week, but it's got even more complicated with the announcement that's been made by the government this week So look, if you're going to buy a property over four hundred fifty thousand pounds, then under the current rules you would pay the penalty of six point two five percent. Now you might be using your stocks and shares lifetime ISA for retirement savings, in which case they continue to put the money in because it doesn't look like that's changing. the consultation doesn't seem to be changing that at all But if you're going to be using it and you want to use it for first time buyer savings, then yes, there is a potential problem. Now Only hope here is that the first time buuyer ISA consultation says it will align the thresholds of the lifetime ISA and the help to buy ISA with the first time buyer And it could be higher And they could start to increase it with inflation. We just don't know yet So whether I'm not sure I would be putting any new money in, I wouldn't necessarily be taking any money out. I certainly wouldn't be taking any money out because we don't know what's going to be happening and you would pay a penalty to take money out. The interesting answer I gave to the person on question time who had forty thousand pounds in and wanted to buy a house above the threshold. is Because you pay a twenty five percent penalty to withdraw, he had forty thousand pounds and that meant he'd only withdraw thirty thousand And he was devastated by this and thinking I might keep it in for retirement, even though it's going to potentially stym me me buying the house that I need for my family. because when he had originally started saving it was for he was a young single man. My answer to him was While you're thinking of this as forty down to thirty thousand If you had known this was going to happen, you would never have used a lifetime ISA And you would have saved probably in a normal IA where there's no withdrawal penalty And you would have probably had thirty two thousand pounds in because you wouldn't have had the bonus added So the real loss is thirty two thousand down to thirty thousand. I don't like that. I don't think that's how it should work, but that is the practical way to think of it. And in that case, I said to him, if you had to pay two thousand pounds to access your money, which is the real opportunity cost of having put it in a lifetime ISA, so that you could buy the house you want, would you? And his answer was yes, because I wanted to buy the house. in which case I said then I'd get on and I'd buy the house and I would just know stamp and swear a bit about the two thousand pounds, but it's not actually a ten thousand pound loss So we have to do a lot of that type of thinking at the moment, but I would probably be holding putting out any more in a lifetime ISA until I know the result of the consultation and that should come before the end of this tax year. so you will be able to put the money in later in this tax if it's still right for you. So I would be holding off for now, yes. Adrian, shall we move to Mastermind? And people I've got lots more of L LSA questions I'll be going through in the podcast. But let's play that Mastermind theme te now Hello, welcome to Money Mastermind Adriene. you've currently got nineteen right and forty one wrong in this three option multiple choice quiz, which means sadly you are still and it doesn't look like changing soon. You are still . No better than Random chance So let's do the question. You ready, mate? Yeah Adrian You're out polishing and buffing your beloved two thousand seven mud Bown Fat five hundred. You liked it so much last week, I brought it back with the sort of care usually reserved for a royal undercarriage Sun S pretend we don't know the Dontingre. Suddenly the garage door burst open. And in screeches three minis, scattering jump leads and pine tree air fresheners, out steps a man in a flat cap looking slightly disappointed Adran. You were only supposed to blow the bloody doors off Adrian thrilled, climbs onto a pile of winter towers and says You were only supposed to blow the bloody doors off I know, Adrian That's my line Anyway, I can't keep this up. Anyway, I've got a problem. I'm losing it very badly.. I used a claims management firm to handle a car finance m selling claim But now I'm unhappy with them Their service, their fees, the whole caper. I've complained but to no joy So how do I escalate this, Adrian? You work on that podcast? So Adrian, what do we want to know? I say hang on, I'll get Martin on. That's what I'll do. So Adrian, are you Michael Kain orr Michael Kant Vante What's your answer? If you used the claims firm to handle your car finance, misselling claim, but now think you were misled Who do you escalate it to? A only You could only go to the claims mananagement Ombudsman, which is part of the financial Ombudsman service B, you can only go to the legal ombudsman, which is regulated by the Solicitor's Regulation authority or C, you may have to complain to both Is it A, cllaims management ombudsman, B legal ombudsman, or C, you may need to complain to both. Um Well because I generally know from having listened to you, it's a bad idea to use a claims management company or arenecessary at least. And I mean bluntly, I think you've probably designed the question to hammer home ust how unnecessary it is to use a claims management company. Give him a haalleluah. Yes here you go. Well done. Okay, so the regulator of the FCA has recently launched a template letter on its website so you can complain about misled claims management firms. Yes, you can complain about the firms that you use to complain with And the if they don't satisfactorily handle your complaint, you can go to an ombudsman. Now which ombudsman you go to depends on who regulates them. So if they're regulated by the FCA, then you go to the claims management Ombudsman. If they're regulated by the Solicitor's Regulation authority, you go to the legal ombudsman, Frustratingly, if you were passed from an FCA regulated claims firm to a solicitor, you may need to complain separately to each firm and go to both ombudsmen. so C was the correct answer Why were people misled? Well, the regulator says people were signed up without agreeing to it or were pressured into it. And we have example on the podcast, the special pod we did a couple of weeks ago of a woman who suddenly found that she got a letter from a claims firm because she'd just filled out their online arere you Owed Mot of finance and did not realize that that actually meant she was signing up to the claims firm. In that case Make a formal complaint you should not be paying them a fee. sayay I never signed up to you, wantan to get out of it and go to the ombudsman If you also feel you're misled about service, costs or chances of success by the claims firm, you can make that formal complaint. If you weren't receiving information you should have given, such as free details or cancellation, you can make that complaint. And if you don't want to use the cllaims firm anymore, because you know it's a mass redress scheme and you know you can do it yourself then they can charge you a reasonable fee if you want to leave, but The reasonable fees should be based on the work they've done and hardly any work has been done yet because the whole scheme is still on hold So what the regulator says is do not pay negit or other fees if you want an independent check first. CMCs and law firms are obliged to make it clear to customers including on their website that free ombudsman services are available and I made it for the music play. Thanks for having me, mate Beautiful, don't you take it easy stay in an air conditioned environment, no press ups and limited walking for the rest of the day. That never one. Never I prescribe to you. Yes, No. Tie your shoelaces together, do something with him. We've got too much energy. It's too hot for all that Okay, so we're now into pod only and Adrian got a masterme right. I know he doesn't believe it, but it does actually make me happy when he gets one right. It's true. And I've got joining me is of course podcast producer Simon. We have loads of lifetime Iser questions. I want to do a few more tellers, but shall we get straight into the lifetime Iicer questions and try and get through them and get people's questions answered? Well, tos give you a little bit of daylight on the magic of podcasting Earlier today, they came over to me and said that the Hallelujah was broken. It's s automatically deleted and not been said. And there was a brief moment where I said it doesn't matter. because we have I'm gl I' glad I did actually get it get it back up again. othertherwise we would' have been in trouble. Yeah, we got a heap of Licer questions that came in. Mel asks For those of us using them for retirement, I'm self employed Will existing lices already opened continue to function in the same way? i e twenty five percent bonus or a maximum of four thousand pounds. per year paid in some weeks later, many thanks Under the current consultation, yes, they say the LysA will remain unchanged. So I don't see why that would change could change, but the proposal is it won't change. wants to know So will existing licers have the old terms EG property price thresholds Does aligned mean aligned in both directions? It will seem quite unfair if only newer licers have the higher threshold. Not that it is likely to affect my kids, but overall it ought to be aligning. So what they are proposing is the new first time buyer ISA threshold will align with the lifetime ISA and help to buy ISA. So they will all be given the same threshold is the current proposal. think One of two things is likely to happen. Either that threshold has to be four hundred fifty thousand or above everywhere in the UK Because you can't cut the lifetime Iiceer threshold for people whove already put money in it. It just goes against natural justice. I mean, they can, but yeah well you can imagine what I'll be saying if they do do that and what many others will be saying too orr they might decide not to align them, even though that's in the proposals. and if they're going to make the first time buyer threshold lower than the lifetime buyer threshold then they would have to keep the lifetime ISO where it is. But currently what they sayays is they're planning to align it. So I think they will all be the same fromom when the first time Baya ISa comes in Caree's house is full of confusion. They have one daughter who has a full help to buy But we think it will take too long to move it across, but it is capped at the max. Yeah. So that's twelve thousand pounds in there. yeah One has a Lyser putting the max in each year. so a new offer could put her in the same boat Surely, we should be encouraging young people with a simple way to save for their first home and not keep changing the goal posts. What should they both do Stay as they are, question mark I'm going to give you an answer, but don't call me Shirley. So I just need to say I watched I showed my daughter airplane at the weekend for the first time. Hence the Shirley joke is very in my head. Right. So it's very different scenarios. The help to buy ISA, the proposal is you'll be able to transfer that into the first time buyer ISA againg, caveat. It is a proposal. So I think you would be fine with that one and may even be better off if they increased the property threshold. The lifetime ISA you will be able to use concurrently with the first time buyer ISA under the thresholds. So your other daughter may well be fine there. What should they both do? stay as they are. Yes My answer would be, if those products are right for them now, I don't see any reason why right now you would change anything Now if they're not right for them, that you're planning to buy properties above the threshold, then you might want to look at doing so depending on why embarring the properties. But assuming everything is right and about the confusion, I think I have a little bit of sympathy here. I gave evidence to Treasury Committee about the lifetime ISA and I talked about its overc compleplexity this dual use of using it for retirement savings on a first time buyer, which are very different usage and the way the withdrawal penalty works, which is incredibly unfair and the fact that the big problem with lifetime Iis is Mainstream providers just don't offer it because they're so scared they'll get doneumb for missselling over the retirement savings element because people should be using their auto enrollment pensions ahead of a lifetime ISO that they just didn't want that risk so they don't offer it. Well, clearly that's a broken product So I think the new first time by ISA Which sounds to me like it'll be similar to the old helpel to buuy ISA, which work well, but with some of the problems fixed, the H to buy ISA was paid at the wrong point. It's paid at completion, not exchange. It should be paid at exchange. Putting money in a month wasn't very flexible for people. I think putting money in on lump sums is a much better way to go. So it sounds like they're going back to the old helpel to buy ISA just having that simple product, which I think is probably a good good move. someome will like the retirement savings element, but it's all very complicated. But unfortunately going back to something simple means you've now got three First time buyer ICer products, the help to buy, the lifetime and the first time buyer ICer itself that willll be on the market consecutively and that does add confusion in the transition As many help to buy products as there are versions of student loan repayments. No, not as many. There are way more. There are five different plans and then even within the different plans you have with the deadline ends on that when it's white depends within a plan. So yeah, we're not quite as bad as student loan repayments, but it's going to make things fun over the next few years when I get a questions on this Yeah Well, so John wants to know, he's got an age sensitive question. I'm thirty nine and thinking of opening a liys up before I'm too old Do you think this is still wise? Well, you probably heard my name rant on this earlier, Yes, yes, yes, yes yes. Whether you should use it and put real money in is a bigger question Whether you should open it, there's nothing in doubt. put a pound it Get one open, get that facility for yourself. Rachel is linking the two topics that we've had today, doeses the new interest on cash held in a stocks and shares ISA also apply to the stocks and Shares LSer Will there be restrictions from transferring from stocks and shares to cash like with other IO types. If so, any thoughts on how to d risk as people approach the access date? for a stocks and shares liicer Very interesting question, Rachel. I believe the proposal is this applies to all forms of ISA. So it does include the lifetpe ICSA. as how you would derisk. Well, short dated guilts would be one option, money market funds would be another. I'm not going to go into details in those go and do a little bit of readed. short dated UK government guilts can actually be very similar to saving in NS andI, but there are actually some tax advantages over the capital gains that you would pay on it the way that it works, but ind needs a bit of reading. And money market funds are more like cash funds. You can't have all of your shares A in money market funds But if you have just a little in something else. so you could use those would be some of the options that if you wanted to d risk just before you were going to be cashing it in for some purpose. Anna wants to know, my daughter has put four thousand pounds in a Tembo cash lyser in twenty twenty four Can you move a cash LSA to a different provider or to a stocks and shares one once it's opened? Absolutely. yes, ISAS of all varieties must be transferable to new product providers. The way that you do it is you go to the new product provider, you fill in the application form and within the application form will have transfer and you put the transfer details and you make sure the new provider does it. You don't take money out and open a new one because then you lose your ISA or LISA status in this particular case. and with a LISer, you would actually have to pay a withdrawal penalty to do that. So yeah, as long as they transfer it for you, there is no penalty and you are allowed to move Cash two stocks and shares Currently, you can move from stocks and shares to cash as, but you won't be able to from next April. So yeah, you've got total flexibility and there's a rate war at the moment, as I mentioned earlier, moneybox at five point eight plum at five point six, so many people with cash lices can easily increase their interest rate right now Peter wants to know, I'm over forty with a liyser of eight years. I opened a new one eighteen months ago when I was thirty nine. and transferred to MoneyBox The one year bonus has now expired and the rate is only two point eight percent Can I still apply to open a new ISA and transfer this to a new service provider to take advantage of a better rate? To use parliamentary language, Peter, I refer you to the answer I gave a few moments ago. Yes you can. The fact that you're now over forty doesn't stop you opening an ICA to transfer. The only issue and it's the same with Anna's question before you I'm telling you what the rules are, but providers can have their own rules. They don't have to accept transfers and they don't have to accept transfers from people who are over forty. So it is provider based. but I think most of the providers that I'm mentioning will allow you to open for a transfer I'll have to double check that but I think they will Final straight, Simon, let's do it. So AR will kick us off. If the four hundred fifty thousand pound threshold had increased in line with inflation, what would it be? Youd think that would give a clue as to what the revised threshold would be and hopefully help a bunch of people who are stuck So I can answer the question. If it went up with inflation, it would now the four hundred fifty thousand pounds based on twenty seventeen would be around six hundred twenty thousand pounds But I think actually it would be more likely to go up with average house prices, which would be a more sensible metric And that's what's always been muttered and those of us have been been campaigning on that because we think that's more arguable. So that would be five hundred fifty thousand pounds. Whether you can use that as a read across to what the new threshold should be is a very different matter It just depends on what the government's thinking. They may well say, hey, we don't want to pel people who bank houses over four hundred and fifty grand. I don't think you can do the read across back Those are the answers. Well, last, but by no means least we've got John Can I use my Licer to contribute to my partner's existing mortgage? If I don't own the home What are the pros and cons of doing this? No, effectively, you would be having to get a new mortgage to buy a new property. so you could potentially buuy part of your partner's property separately have to talk to a solicitor about that one, but it is quite difficult to do. I think the real key is you want to save your licer if and when you and your partner buy a new property together. and then you will be able to use it. But it is very difficult to do a work aroundound within the rules in your situation unless you're going to take ownership of that property and get a mortgage yourself to take part ownership of that property And with that, you have managed to complete the questions. Thank you very much. We've done cash ISAS. We've done help to buy ISIS. We've done lifetime ISAS. And for the first time ever on this podcast, we've done the first time buy ISA. on.