With the New Year resolutions a bit more realistic it’s time to look to the rest of the year and having a plan for your finances is the best way to make them work for you even in the toughest of times. At Enable our IFA’s can help you make realistic plans to maximise your savings and investments.
ISA’s are an invaluable part of any savings portfolio as they help you maximise your tax efficiency. Enable are happy to talk you through the basics and find the best options for you.
ISA stands for ‘Individual Savings Account'. ISAs allow you to get the income and returns from you savings and investments without having to pay any income or capital gains taxes. There are two types of ISA - cash ISAs and Stocks & shares ISAs. Investment products such as authorised unit trusts, can be held in the Stocks & shares ISA. Cash ISA is where you save in a cash deposit account.
Stocks & shares ISAs are a medium (at least 5 years) to long term (over 10 years) investment.
The maximum cash ISA investment allowance is £5,340. The maximum you can invest in a stocks & shares is £10,680 per tax year (less any amount you save in a cash ISA).Cash ISAs are available to all UK residents aged 16 or over. Stocks & shares ISAs are available to all UK residents aged 18 or over. You are only allowed to contribute to one cash and/or one stocks and shares ISA per tax year.
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