An Individual Savings Account (ISA) is one of the most straightforward ways to achieve tax-efficient gains. Investing in an ISA can complement an existing portfolio, or simply provide an introduction to saving and investing.
Time to take your ISA to the max?
Talk to one of our experienced Independent Financial Advisors about how we can help you make the most out of your ISA allowance.
An ISA is a ‘tax-efficient wrapper’ designed to go around an investment.
Types of ISA include:
These are simple savings accounts where you don’t pay tax on your interest. They mainly offer instant access to your money. However, some Fixed Term Cash ISAs are also available where withdrawals will be restricted.
A Stocks & Shares ISA is where you can invest with your ISA allowance. Whenever you are investing, there is always a risk. This is why it is very important to have a Financial Advisor go through your risk attitude and guide your through the process. The general consensus of Stocks & Shares is that it is a long-term game.
The Lifetime ISA is a longer-term tax-free savings account. In addition, the government will give you a bonus of 25% of the money you put in. This is up to a maximum of £1,000 a year.
An Innovative Finance ISA, (IFISA), is an ISA that contains peer-to-peer loans. This is instead of cash (as in a Cash ISA) or Stocks and Shares (as in an investment ISA).
This is a savings and investment vehicle for children up to the age of 18. It is a tax-efficient way to save or invest as it is free from any Income Tax, tax on dividends and Capital Gains Tax on the proceeds. The Junior ISA subscription limit is currently £9,000 for the tax year 2023/24.
Would you like to find out more information on the types of ISAs? Then please click on the Individual Savings Account related article below.
To discuss your financial future with one of our advisers, contact us! Please call our office: 02380 633 636 or use our contact form to get in touch.
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