‘Taxman’ Offering People £5, Source by LBC

Pedestrians at London Bridge were handed £5 notes as part of a bank’s stunt to promote tax-free savings.

The giveaway took place on Tuesday 10 March when a man dressed as the “Taxman”, gave away free cash to encourage commuters to take out tax-free investment plans .

Some commuters turned the offer down but others were quick to cash in. One of them, Tim Morgan, tweeted: “Thanks for the fiver. Got a free lunch today too!” with the hashtag ‘#HeWhoDares.’

The stunt was intended to encourage people to bank their savings with an Individual Savings Account (ISA). 

Investors pay income tax on ordinary savings accounts. However, according to moneysupermarket.com: “If you put your savings into a Cash ISA, you do not have to pay any tax on the interest you earn.”

Many banks offer deals f0r switching to an ISA Account. Virgin Money is offering 2 per cent with a minimum deposit of £1, whilst Halifax are offering a 3 year ISA Saver Fixed at 1.75 per cent  with a minimum deposit of £500 and plenty more rates found on comparison websites.

Santander, which organised the London Bridge stunt, offers a 2 per cent tax-free return on its ISAs..

Original Article: LBC