Typical questions asked about our Investment Bond
Can I make any withdrawals before the end of 5 years?
Yes, it is possible to surrender your Bond but as this is a medium term to long-term investment, early surrender may result in you receiving less than you originally invested. It is not advisable to invest in this Bond if you know at the outset that you will require the money within five years.
Can I have income from a Bond?
No, this Bond does not provide any income during the term.
Can I invest in joint names?
The investment will be held in the name of the proposer only, and not in joint names.
Is there any tax liability?
The money, which you save, is invested in a fund on which the Society pays taxes. Providing the policy runs for at least five years and you are a basic rate tax payer in the year in which you receive the final proceeds of your policy, you will not be subject to further taxation. However, if you are a higher rate tax payer in the year in which you receive the proceeds, you may be liable to tax on your investment gain at the difference between the higher and basic rates of tax. This information is based on our understanding of current taxation legislation, which may change in the future.
Can the Society provide me with advice?
Yes. If you would like to meet with one of our financial advisers to discuss your situation further, please contact us either via mail, at:
Sheffield Mutual Friendly Society
3 Maple Park
Maple Court
Wentworth Business Park
Tankersley
Barnsley
South Yorkshire
S75 3DP
or by telephone 01226 741000
or via e-mail on enquiries@sheffieldmutual.com
Do I need to provide any additional Information?
In order to comply with Money Laundering regulations, the Society will require confirmation of your identification and address. We will therefore ask to see documents such as a passport or driving licence and utility bills or bank statements before issuing a policy.
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