ISA

Individual Saving Accounts (ISAs) are tax efficient savings available to all UK residents over 16 years old. They are of benefit to all tax payers and in particular those paying 40%.

ISAs have replaced PEPs and TESSAs but you can still keep these tax efficient vehicles.

You can invest a total of £7,000 into an ISA in any tax year and this can be done in one of two ways:

The Mini ISA – this allows you to have £3000 in a Cash ISA with your choice of provider, and £4000 in an equity based Share ISA, again with your choice of provider.

The Maxi ISA – this allows you to hold up to £7000 all in the equity based Share ISA with one provider. You can also split the investments up to the maximum holdings of the Mini ISA but all with one provider. A Maxi ISA will best suit someone who wants the majority of their money in the equity based Share component.

There are other savings where the maturity is tax free which may be suitable. These are offered by Friendly Society’s and have special tax exempt plans

Please request further details