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slideaway77
Joined: 16 Jul 2007
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 Posted: Mon Sep 01, 2008 8:40 pm Post subject: UK Teachers: Investing in premium bonds from Korea? |
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Has anyone done this? Good returns? I'm hoping to get lucky with the big one! As my ISA is a waste of time at the moment 
But, getting started is a problem...
-The website says you need to get a certified copy of your passport from the Embassy AND a certified copy of a letter from my local tax authority..
-Where do I the local tax authority in Seoul?
-Where do I find my Tax ID number?
-Further evidence of my ID and address? A call centre agent at the I&NS said i needed a utility bill as evidence? Not possible as the hagwon I work for all bills are in the landlords name...
Confusing... |
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westport
Joined: 04 Apr 2008
Location: Suwon
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| Posted: Mon Sep 01, 2008 8:53 pm Post subject: |
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| Personally, I would stick with the ISA. I've have never understood the appeal of Premium Bonds at all. |
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slideaway77
Joined: 16 Jul 2007
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| Posted: Mon Sep 01, 2008 8:57 pm Post subject: |
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| Inflation is and is going to killing my savings, I just hope that the money I stash over here is going to be worth something when I get back. Plus I miss the national lottery!! Hey is there a lottery over here, that foreigners can play?? |
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R-Seoul
Joined: 23 Aug 2006
Location: your place
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| Posted: Mon Sep 01, 2008 10:49 pm Post subject: |
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One slight problem is that I think you need proof that you live in the UK to apply. Best do it next time you're there.
What is wrong with ISA's? A lot of them give great returns, hell even savings accounts are well worth it. Don't forget that you can get all your tax back via the taxman at the end of the financial year. |
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Trevor
Joined: 16 Nov 2005
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| Posted: Tue Sep 02, 2008 1:01 am Post subject: Re: UK Teachers: Investing in premium bonds from Korea? |
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| slideaway77 wrote: |
Has anyone done this? Good returns? I'm hoping to get lucky with the big one! As my ISA is a waste of time at the moment
But, getting started is a problem...
-The website says you need to get a certified copy of your passport from the Embassy AND a certified copy of a letter from my local tax authority..
-Where do I the local tax authority in Seoul?
-Where do I find my Tax ID number?
-Further evidence of my ID and address? A call centre agent at the I&NS said i needed a utility bill as evidence? Not possible as the hagwon I work for all bills are in the landlords name...
Confusing... |
Last edited by Trevor on Sat Nov 29, 2014 3:03 am; edited 1 time in total |
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Maud Kepz
Joined: 04 Jul 2008
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| Posted: Tue Sep 02, 2008 2:09 pm Post subject: |
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Premium bonds don't pay anything, they just enter you into a draw for prize money, like a lottery. The interest (3.4% PA) on the account is used to pay for the prizes.
I've not looked much into it, but it sounds like a bad idea. You complain about inflation eroding your savings, then suggest a complicated schemes that will not necessarily return you anything. How about you put your money into a stable investment like an Cash ISA? I really hope you're trolling...... |
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