ISAs
An Individual Savings Account (ISA) is a tax efficient investment wrapper in which you can hold a range of investments, including cash, individual stocks and shares, bonds and investment trusts.
Why might you choose an ISA
Designed to encourage new savings, ISAs are attractive to investors seeking a tax-efficient investment vehicle with the potential for higher returns. There is usually a low level of minimum subscription.
An ISA enables you to accumulate savings in a tax efficient manner as all gains are free from tax, making them particularly attractive to higher rate taxpayers.
What are my options…
There are a number of different ISAs available to you – Cash ISA, Stocks & Shares ISA, Lifetime ISA, Innovative Finance ISA, Help to Buy ISA and Junior ISA.
The most suitable place for your money will depend on many factors including why you are saving, when are you likely to need the money, your attitude towards investment risk and your personal tax position.
ARRANGE A CONSULTATION
ISAs can be transferred from one provider to another, as long as the new provider accepts transfers. The transfer is initiated through the new, receiving, provider who will require you to supply details of the original account and will manage the whole transfer process.
Transfers should not be done manually by withdrawing the investment, closing the account, and re-investing it in the new account, as this removes the tax-free interest status of your investment.
The current year’s allowance is unaffected by anything transferred from previous years so you can transfer previous investment to a new ISA and open a second ISA for new contributions if you wish, as long as you don’t contribute to both.
EXPERT ADVICE ON THE RIGHT ISA
Call 02380 420 606 for a quick chat or contact us to arrange a no-obligation consultation.
