10 best tax saving options

8/9/2019 10 Best Tax Saving Options

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10 best tax-saving investmentsET BureauJan 6, 2014, 12.12PM IST

Tags:

Tax|

investment|

ET Wealth

(We have ranke 10 !" the m!st#$

M%&ti'&e !'ti!ns. !ntrai)t!r* avi)e. +n a ea&ine thats a''r!a)hing "ast. Man* tax'a*ers "in

themse&ves in this sit%ati!n at the beginning !" the *ear hen the* have t! make tax-saving investments.

+re *!% a&s! )!n"%se /e"!re *!% make a )h!i)e, g! thr!%gh !%r )!ver st!r* t! kn! hi)h is the best

!'ti!n "!r *!%. We have ranke 10 !" the m!st )!mm!n investments %ner Se)ti!n 0 !n "ive basi)

'arameters ret%rns, sa"et*, "&exibi&it*, &i%iit* an taxabi&it*. 3ver* investment has its 'r!s an )!ns.

The PP ma* n!t have a ver* high ret%rn, b%t its tax-"ree stat%s, "&exibi&it* !" investment an &i%iit* b*

a* !" &!ans an ithraa&s, gives it the )r!n in !%r bea%t* 'ageant. 3%it*-&inke saving s)hemes

)!me in se)!n be)a%se !" their high ret%rns, "&exibi&it*, &i%iit* an tax-"ree stat%s. 5!ever, traiti!na&

ins%ran)e '!&i)ies, an a&&-time "av!%rite !" Inian tax'a*ers, manage the ninth '&a)e be)a%se !" the &!

ret%rns the* !""er an their rigiit*.

S!me reaers might be s%r'rise that the m%)h revi&e &i's are in the thir '&a)e. The &i' remains a

m*ster* an its ret%rns are se&!m tra)ke. We )he)ke M!rningstars ata !n &i's an "!%n that the

ret%rns have n!t been ver* g!! in the 'ast 1-7 *ears. 3ven s!, it )an be a %se"%& instr%ment "!r the

smart invest!r h! shi"ts his m!ne* beteen e%it* an ebt ith!%t in)%rring an* tax.
http://economictimes.indiatimes.com/topic/Taxhttp://economictimes.indiatimes.com/topic/investmenthttp://economictimes.indiatimes.com/topic/ET-Wealthhttp://economictimes.indiatimes.com/topic/investmenthttp://economictimes.indiatimes.com/topic/ET-Wealthhttp://economictimes.indiatimes.com/topic/Tax


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We have trie t! se'arate the )ha"" "r!m the grain b* assigning a star rating t! the vari!%s tax-saving

!'ti!ns. Whether *!% are a n!vi)e !r a seas!ne invest!r, *!% i&& "in it %se"%&. It i&& he&' *!% )%t

thr!%gh the )&%tter an )h!!se the investment !'ti!n that best s%its *!%r "inan)ia& sit%ati!n.

What the ratings mean:

PUBLIC PROVIDENT FUND

OUR RATING:

RETURNS:.89 ("!r 201:-14$

This all-time favourite became even more attractive after the interest rate was linked to bond yields in the

secondary market.

The PP is !%r t!' )h!i)e as a tax saver in 2014. It s)!res e&& !n a&m!st a&& 'arameters. This sma&&

saving s)heme has a&a*s been a "av!%rite tax-saving t!!&, b%t the &inking !" its interest rate t! the b!n

*ie& in the se)!nar* market has mae it even better. This ens%res that the PP ret%rns are in &ine ith

the 'revai&ing market rates.

This *ear, the PP i&& earn .8 'er )ent, 27 basis '!ints ab!ve the average ben)hmark *ie& in the

'revi!%s "is)a& *ear. The ben)hmark *ie& ha sh!t %' in J%&* an has m!st&* remaine ab!ve .7 'er

)ent in the 'ast six m!nths. +&th!%gh the *ie& is %n&ike&* t! s%stain at the )%rrent &eve&s, ana&*sts !nt

ex'e)t it t! "a&& be&! .27 'er )ent ithin the next 2-: m!nths. S! it is reas!nab&e t! ex'e)t that the PP

rate !%& be hike margina&&* in 2014-17.

The PP !""ers invest!rs a &!t !" "&exibi&it*. ;!% )an !'en an a))!%nt in a '!st !""i)e bran)h !r a bank.

5!ever, the )!mmissi!n 'a*ab&e t! an agent "!r !'ening this a))!%nt has been is)!ntin%e, s! *!% i&&

have t! manage the 'a'er!rk *!%rse&". The g!! nes is that s!me 'rivate banks, s%)h as III /ank,

a&&! !n&ine investments in the PP a))!%nts ith them. Theres "&exibi&it* even in the %ant%m an

'eri!i)it* !" investment.

The maxim%m investment !"


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The PP a&s! !""ers &i%iit* t! the invest!r. I" *!% nee m!ne*, *!% )an ithra a"ter the "i"th *ear, b%t

ithraa&s )ann!t ex)ee 70 'er )ent !" the ba&an)e at the en !" the "!%rth *ear, !r the immeiate

're)eing *ear, hi)hever is &!er. +&s!, !n&* !ne ithraa& is a&&!e in a "inan)ia& *ear.

;!% )an a&s! take a &!an against the PP, b%t it )ann!t ex)ee 27 'er )ent !" the ba&an)e in the

're)eing *ear. The &!an is )harge at 2 'er )ent ti&& :6 m!nths, an 6 'er )ent "!r &!nger ten%res. Ti&& a

&!an is re'ai, *!% )ant take m!re. I" *!% i' int! *!%r PP a))!%nt, be s%re t! '%t ba)k the am!%nt at

the ear&iest. Withraing "r!m &!ng-term savings is n!t a g!! strateg* i" *!% ! it "re%ent&*. It )an ent

*!%r !vera&& retirement '&anning.

The PP is es'e)ia&&* %se"%& "!r risk-averse invest!rs, se&"-em'&!*e 'r!"essi!na&s an th!se n!t )!vere

b* the 3m'&!*ees Pr!vient %n an !ther retira& bene"its.

BRIGHT IDEA:Invest be"!re the 7th !" the m!nth i" *!% ant *!%r )!ntrib%ti!n t! earn interest "!r that

m!nth as e&&.

ELSS FUNDS

OUR RATING:

RETURNS: 18.7 'er )ent (Past "ive *ears$

The potential for high returns, wide choice of funds and flexibility make these funds a good tax-saving

option for equity investors.

3%it*-&inke saving s)hemes (3=SS$ have the sh!rtest &!)k-in 'eri! !" three *ears am!ng a&& the tax-

saving !'ti!ns %ner Se)ti!n 0. 5!ever, this sh!%& n!t be the m!st im'!rtant reas!n "!r investing in

this aven%e. /eing e%it* "%ns, these s)hemes )an generate g!! ret%rns "!r invest!rs !ver the &!ng

term. In the 'ast "ive *ears, this )ateg!r* has )reate ea&th "!r invest!rs ith average ret%rns !" 18.7 'er

)ent.


4/13

5!ever, this '!tentia& t!

earn high ret%rns )!mes ith a higher risk. There is n! g%arantee that *!%r investment i&& generate

'!sitive ret%rns a"ter the :-*ear &!)k-in 'eri!. The )ateg!r* has generate an average ret%rn !" 2 'er

)ent in the 'ast three *ears. 3ven the best 'er"!rming "%ns have )h%rne !%t isa''!inting ret%rns. The

ret%rns i&& nat%ra&&* mirr!r the 'er"!rman)e !" the st!)k markets. There"!re, !n&* invest!rs h! have the

st!ma)h "!r a r!&&er-)!aster rie sh!%& )!nsier this !'ti!n.

Sh!%& invest!rs av!i 3=SS n!, es'e)ia&&* sin)e the st!)k market is )&!se t! its a&&-time high >!t

rea&&*, be)a%se the st!)k market has ret%rne t! the 'revi!%s high a"ter a 6-*ear ga' an, there"!re, is n!t

!verva&%e at a&&. ?Sin)e the st!)k market is reas!nab&* va&%e n!, 3=SS sh!%& generate g!! ret%rns

"!r invest!rs h! )an remain investe "!r 7-8 *ears,? sa*s @aAenra B!thari, managing ire)t!r an 3C,

3ti)a Wea&th Management.

Th!%gh the &arge-)a' Sensex an >i"t* are at higher &eve&s, the mi-)a' an sma&&-)a' ini)es are at

m%)h &!er &eve&s. This means there is en!%gh va&%e in mi)a' st!)ks, hi)h sh!%& he&' the "%n

managers ! e&& in the )!ming *ears. Se&e)ting the right s)heme is )r%)ia& sin)e there is signi"i)ant

variati!n in the ret%rns !" i""erent s)hemes.

Th!%gh 'ast 'er"!rman)e is an im'!rtant 'arameter, a&s! take int! a))!%nt the tra)k re)!r !" the "%n

h!%se an "%n manager. Cn)e *!% se&e)t a s)heme, e)ie hether *!% ant t! g! "!r the ivien !r

gr!th !'ti!n. There is n! i""eren)e in the tax treatment !" the t! !'ti!ns. The e)isi!n sh!%& be

base !n the )ash-"&! re%irements !" the invest!r. I" *!% !'t "!r the ivien !'ti!n !" the "%n, *!%

might get s!me '!rti!n !" the m!ne* ba)k ithin 1-2 m!nths. Diviens "r!m m%t%a& "%ns are tax-"ree s!

there is n! tax &iabi&it* as e&&. +v!i the ivien reinvestment !'ti!n "!r 3=SS s)hemes be)a%se the

&!)k-in 'eri! i&& 'revent *!% "r!m exiting "%&&*.Th!%gh the 3=SS "%ns invest in e%ities, the* are


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i""erent "r!m !ther !'en-ene iversi"ie e%it* "%ns. D%e t! the &!)k-in 'eri!, the 3=SS "%n

manager !es n!t have t! !rr* ab!%t reem'ti!n 'ress%re "r!m invest!rs. This gives him the "ree!m t!

invest in shares as 'er his )!nvi)ti!n an h!& them "!r &!nger 'eri!s.

In the 'ast "e *ears, the 3=SS )ateg!r* has )!nsistent&* !%t'er"!rme the &arge an mi)a' s%b-

)ateg!r* !" iversi"ie e%it* "%ns see graphic!.

3=SS "%ns !""er tremen!%s "&exibi&it* t! invest!rs. +s menti!ne ear&ier, the :-*ear &!)k-in 'eri! is the

sh!rtest. Sin)e there is n! tax !n gains "r!m e%it* "%ns a"ter a *ear, an invest!r )an sa"e&* re)*)&e his

investments ever* three *ears an )&aim tax bene"its !n the reinveste am!%nt.

;!%ng tax'a*ers, h! have taken h%ge &!ans an !nt have en!%gh s%r'&%s t! save tax, i&& "in these

s)hemes ver* %se"%&. I" *!% )an he&' it, !nt exit the s)heme a"ter three *ears A%st be)a%se &!)k-in 'eri!

is !ver. St%ies sh! that e%ities give better ret%rns in the &!ng term. The minim%m investment is a&s!

ver* &!.

Th!%gh reg%&ar e%it* m%t%a& "%ns have a minim%m investment !"


6/13

BRIGHT IDEA:D!nt invest a &%m' s%m. S'&it investments in 3=SS "%ns int! three SIPs starting "r!m

Jan%ar* ti&& Mar)h. RGESS: An avoidable o!ion "or !#e "ir$!%!i&e e'ui!( inve$!or

The


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*!% start a "ami&* !r b%* assets. I" the 'remi%m is ver* high, the '!&i)*h!&er ma* "in it i""i)%&t t! 'a* it

*ear a"ter *ear.

ner the ne &i' r%&es, *!% )ann!t take a 'remi%m h!&ia*. I" *!% st!' 'a*ing the 'remi%m, the '!&i)*

i&& be is)!ntin%e. +&s!, *!% nee t! take a &!ng-term vie hen *!% b%* an ins%ran)e '&an. + &i' i&&

*ie& g!! res%&ts !n&* i" *!% h!& it "!r at &east 10-12 *ears. /e"!re that, the '&an ma* n!t be ab&e t!

re)!ver the )harges &evie in the "irst "e *ears. This is h* sh!rt-term '&ans !" 7-10 *ears %s%a&&* give

'!!r res%&ts, hi)h '%shes invest!rs t! %m' them ithin :-4 *ears !" b%*ing.

/%*ers m%st a&s! %nerstan that a &i' is n!t ne)essari&* an e%it*-&inke investment. ;!% )an a&s!

invest *!%r &i' )!r'%s in ebt "%ns.


8/13

'%r)hase !r )!nstr%)ti!n !" a h!%se, !r a )hi&s marriage. 5!ever, it ma* n!t be '!ssib&e t! !'t "!r the

EP at this A%n)t%re.

!m'anies t*'i)a&&* ask their em'&!*ees t! s%bmit the EP manate at the beginning !" the "inan)ia&

*ear. +sk *!%r )!m'an* i" *!% )an start )!ntrib%ting t! the EP "r!m this m!nth !nars. Cn)e *!% have

!'te "!r the e%)ti!n, *!% )ann!t is)!ntin%e it ti&& the en !" the "inan)ia& *ear, ex)e't in extra!rinar*

)ir)%mstan)es. Whi&e the EP gets tax e%)ti!n an the mat%rit* )!r'%s is a&s! tax-"ree, *!% i&& have t!

'a* tax !n the interest i" *!% ithra the m!ne* ithin "ive *ears. S!, !'t "!r it !n&* i" *!% are s%re that

*!% )an remain investe "!r the &!ng term.

+n!ther raba)k is the '!ssibi&it* !" a &!er interest rate "!r the P in the )!ming *ears. The rate is

ann!%n)e b* the 3PC Tr%st a"ter examining the interest earne b* the 3P )!r'%s. It is &ike&* t! be .7

'er )ent "!r the )%rrent "inan)ia& *ear, b%t there is n! )ertaint* that this i&& be maintaine !ver the &!nger

term.

!ntrib%ting t! the EP is s%itab&e "!r tax'a*ers in their 70s, h! ant t! aggressive&* save "!r their

retirement b%t !nt ant t! invest in market-&inke !'ti!ns !r tax-ine""i)ient "ixe e'!sits.

BRIGHT IDEA: hanne&ise at &east 10 'er )ent !" *!%r in)rement t! the EP ever* *ear. The higher

savings i&& n!t 'in)h *!%.

SENIOR CITI*EN+S SAVING SCHE,E

OUR RATING:

RETURNS:G.2 'er )ent ("!r 201:-14$

This remains the best way for retirees to save tax, though the (s )* lakh investment limit is a damper.

With "!%r stars, this ass%re ret%rn s)heme is the best tax-saving aven%e "!r seni!r )itiHens. 5!ever, the


9/13

This as'e)t !" the SSS, an the "a)t that it is an %&tra sa"e s)heme ba)ke b* the g!vernment, makes it

an iea& !'ti!n "!r retire tax'a*ers &!!king "!r a stea* stream !" in)!me. Th!%gh the interest earne is

"%&&* taxab&e, retire 'e!'&e %s%a&&* !nt have a high tax &iabi&it*. Bee' in min that the basi) tax

exem'ti!n "!r seni!r )itiHens is higher at


10/13

The s)heme s)!res high !n "&exibi&it*. The minim%m ann%a& )!ntrib%ti!n is PS is the &i"e)*)&e "%n. It is meant "!r th!se h! are n!t

"inan)ia&&* aare !r )ant manage their asset a&&!)ati!n themse&ves. It is a&s! the e"a%&t !'ti!n "!r

s!me!ne h! has n!t ini)ate the esire a&&!)ati!n "!r his investments. ner this !'ti!n, the

invest!rs age e)ies the e%it* ex'!s%re. The 70 'er )ent a&&!)ati!n t! e%it* is re%)e ever* *ear b*

2 'er )ent a"ter the invest!r t%rns :7, ti&& it )!mes !n t! 10 'er )ent. This is in kee'ing ith the strateg*

t! !'t "!r a higher-risk, higher-ret%rn '!rt"!&i! mix ear&ier in &i"e, hen there is am'&e time t! make %' "!r

an* '!ssib&e b&a)k san event.

@ra%a&&*, as the invest!r a''r!a)hes retirement, he m!ves t! a m!re stab&e "ixe-ret%rn, &!-risk

'!rt"!&i!. This a%t!mati) reAigging !" the asset a&&!)ati!n is a %ni%e "eat%re !" the >PS. >! !ther 'ensi!n

'&an !r asset a&&!)ati!n m%t%a& "%n !""ers s%)h a "a)i&it* t! invest!rs. There are a "e "%ns base !n

age, b%t the* are !ne-siHe-"its-a&& s!&%ti!ns, n!t )%st!mise t! the inivi%a&s age.

+n!ther '!sitive "eat%re !" the >PS is the ie )h!i)e !" "%ns "!r the invest!r. Th!%gh *!% )an sit)h

"r!m !ne "%n manager t! the !ther !n&* !n)e in a *ear, it is sti&& better than investing in a &i' !r a

'ensi!n '&an here *!% are st%)k ith the same "%n manager "!r the rest !" the ten%re. ID Pensi!n

%n %it the >PS &ast *ear, b%t t! e&&-regare entities 5D Pensi!n %n an DSP /&a)kr!)k

Pensi!n %n have A!ine the )&%b.

+n!ther %ni%e "eat%re !" the >PS is the tax bene"it it !""ers %ner the ne&* ae Se)ti!n 0 D(2$.

ner this se)ti!n, i" an em'&!*er )!ntrib%tes 10 'er )ent !" the sa&ar* (basi) sa&ar* '&%s earness

a&&!an)e$ t! the >PS a))!%nt !" the em'&!*ee, the am!%nt gets tax exem'ti!n !" %' t!


11/13

art in the >PS is the &a)k !" &i%iit*. ;!% )ann!t a))ess the "%ns be"!re *!% t%rn 60. Cn mat%rit*, at

&east 40 'er )ent !" the )!r'%s m%st be %se t! b%* an ann%it*. S!me see this as a '!sitive "eat%re that

'revents 'remat%re ithraa&s.

BRIGHT IDEA: @et *!%r )!m'an* t! !'t "!r the Se)ti!n 0D(2$, %ner hi)h *!% )an save m!re tax

trh!%gh the >PS.

NSC$ AND BAN. FD$

OUR RATING:

RETURNS: .7-G.87 'er )ent

They appear attractive, but taxability of income takes away some of the sheen from these instruments.

There are man* mis)!n)e'ti!ns ab!%t bank "ixe e'!sits in the mins !" invest!rs. Man* think that %' t!


12/13

The se)!n mis)!n)e'ti!n is that there is n! nee t! 'a* tax i" TDS has been e%)te b* the bank. ;!%

ma* have t! 'a* tax even i" TDS has been e%)te. TDS is !n&* 10 'er )ent (20 'er )ent i" *!% havent

s%bmitte *!%r P+> etai&s$, an i" *!% are in the 20-:0 'er )ent bra)ket, *!% nee t! 'a* aiti!na& tax.

Ign!re menti!ning the interest in)!me in *!%r ret%rn at *!%r 'eri&. The TDS is )reite t! *!%r P+> an

re'!rte t! the tax a%th!rities. I" there is a mismat)h in the TDS etai&s in the tax re)!rs an in *!%r

ret%rn, *!% i&& s%re&* get a tax n!ti)e.

The entra& /!ar !" Dire)t Taxes has a )!m'%ter-aie s)r%tin* s*stem (+SS$, hi)h "&ags an*

is)re'an)* in the tax ret%rn "i&e. he)k the TDS in *!%r !rm 26+S, hi)h has etai&s !" the tax

e%)te !n *!%r beha&". It )an be easi&* )he)ke !n&ine. It is easier i" *!% have a >et banking a))!%nt

ith an* !" the :7 banks that !""er this "a)i&it*. Ctherise, *!% )an g! t! the !""i)ia& ebsite !" the In)!me

Tax De'artment an )&i)k !n Eie *!%r tax )reit. The "irst-time %sers i&& have t! register, b%t it takes

&ess than 7 min%tes t! &!g !n an vie *!%r etai&s.

The interest !n >Ss is a&s! taxab&e b%t ver* "e tax'a*ers in)&%e it in their ret%rns. 5!ever, ith the

integrati!n !" tax re)!rs, a tax'a*er ma* n!t be ab&e t! es)a'e the tax net easi&*. !r instan)e, i" *!%

have )&aime tax e%)ti!n %ner Se)ti!n 0 "!r investments in >Ss !r Ds in !ne *ear, the taxe'artment ma* ant t! kn! h* the interest earne is n!t re"&e)ting in *!%r tax ret%rns "!r s%bse%ent

*ears.

BRIGHT IDEA:D!nt tr* t! av!i the TDS b* investing in Ds !" i""erent banks. ;!% i&& have t! 'a* the

tax &ater an*a*.

LIFE INSURANCE POLICIES

OUR RATING:

RETURNS: 7.7-8.7 'er )ent"espite the revised guidelines, insurance plans are still not a good investment. +nly investors will

find the tax-free corpus appealing.

Th!%gh the Ira g%ie&ines "!r traiti!na& '&ans have mae ins%ran)e '!&i)ies m!re )%st!mer-"rien&* b*

ens%ring a higher s%rrener va&%e an &arger &i"e )!vers, the* are sti&& the !rst a* t! save tax. The tax

saving is !n&* meant t! re%)e the )!st !" ins%ran)e. It is n!t the )!re !bAe)tive !" the '!&i)*. M!ne*-ba)k

an en!ment ins%ran)e '!&i)ies s)!re &! !n the "&exibi&it* s)a&e. Cn)e *!% b%* a '!&i)*, *!% are

s%''!se t! kee' 'a*ing the 'remi%m "!r the rest !" the term. This )an be a 'r!b&em i" *!% t!!k the

'!&i)* !n&* t! save tax.

5!ever, these '!&i)ies are n!t as i&&i%i as the* a''ear. ;!% )an easi&* get a &!an against *!%r

en!ment '!&i)* "r!m the =I. The terms are %ite &enient an re'a*ment )an be !ne at *!%r

)!nvenien)e. Ins%ran)e )!m'anies )&aim their 'r!%)ts !""er the tri'&e avantage !" &i"e )!ver, &!ng-term

savings an tax bene"its. Thats n!t tr%e. Traiti!na& '&ans give a &! &i"e )!ver !" 10 times the 'remi%m.

!r a )!ver !"


13/13

5!ever, traiti!na& ins%ran)e '!&i)ies sti&& make a &!t !" sense "!r the 5>I invest!r h! is m!re

)!n)erne ab!%t the tax--"ree )!r'%s %ner Se)ti!n 10(10$ than the e%)ti!n %ner Se)ti!n 0. 3ven

"!r s%)h invest!rs, a &i' i&& make m!re sense as the* i&& have )!ntr!& !ver the investment mix. The

!'a)it* !" the traiti!na& '&an is best av!ie, b%t *!%r agent might n!t be ver* keen t! se&& *!% a &i' this

*ear be)a%se his )!mmissi!n has been )%t t! 6-8 'er )ent !" the 'remi%m.

PENSION PLANS

OUR RATING:

RETURNS:8-10 'er )ent

/fter a hiatus of 0-1 years, pension plans are making a comeback, but the high charges mean lower

returns for investors.

Pensi!n '&ans !""ere b* &i"e ins%ran)e )!m'anies mae a )!meba)k in 201:. 5!ever, the )harges !"

these '&ans are signi"i)ant&* higher than th!se !" the >PS. Whi&e the >PS has a "%n management

)harge !" 0.27 'er )ent, a t*'i)a& 'ensi!n '&an "r!m a &i"e ins%ran)e )!m'an* )harges a&m!st :-4 'er

)ent. This i""eren)e )an sn!ba&& int! a ie ga' !ver the &!ng term, re%)ing the ret%rns !" the 'ensi!n

'&an invest!r b* a signi"i)ant margin.

Ins%rers arg%e that the &!-)!st >PS is g!! !n&* !n 'a'er be)a%se there are s! man* h%r&es t!

investing in the s)heme. + 'ensi!n '&an "r!m an ins%rer is )!st&ier b%t *!% !nt have t! g! ar!%n in

)ir)&es tr*ing t! invest in it. Thats tr%e t! a great extent. 3ven a"ter "!%r *ears !" &a%n)h an !""ering

aiti!na& tax bene"its, the >PS has n!t been ab&e t! attra)t invest!rs in h!res. 5!ever, the s!&%ti!n is

n!t a high-)!st 'ensi!n '&an.

+ "e m%t%a& "%ns a&s! have 'ensi!n '&ans. The Tem'&et!n Inia Pensi!n P&an is !ne !" the !&est

s)hemes in the market an !""ers e%)ti!n %ner Se)ti!n 0. It is a ebt-!riente "%n that invests :0-

40 'er )ent !" its )!r'%s in e%ities an the rest in ebt. /%t at 10.8 'er )ent, its 7-*ear ann%a&ise ret%rnsare n!thing t! g&!at ab!%t. + better !'ti!n !%& be a )!mbinati!n !" an 3=SS s)heme an an* !" the

ebt instr%ments that !""er tax e%)ti!n.

BRIGHT IDEA:It is n!t a g!! iea t! invest a &arge s%m in the e%it* !'ti!n at !ne g!. C't "!r the &i%i

!r ebt "%n instea.

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