Gallery
It is generally accepted that ISAs are a good way to save. But is this true? Like everything it depends.
It depends on whether you review your ISAs on a regular basis because you may have been tempted by a good interest rate, but it is possible that this was just a carrot and the good rate only lasted for a period of time. Have you checked?
It also depends on your attitude to risk. There are cash ISAs, stocks-and-shares ISAs or you can have a mixture of both. Another thing to consider is where you are in life. If you are nearing retirement then you may want to invest in things with lower risk but if you are younger or have few financial responsibilities you might have a different attitude to risk.
One thing is certain every year the Government gives us all a tax free ISA allowance and if we don’t use it within the current tax year we lose it. For the tax year 2017/2018, which incidentally ends on the 5th April 2018, the tax free allowance is £20,000 or £4,125 for a Junior ISA.
So, in conclusion ISAs could be a good thing for you depending upon your individual circumstances. The only way to find out for sure is to book an appointment with a Financial Adviser. The Adviser will work with you to see what you are aiming to achieve with your savings and investments and they will also have access to ISAs that are not available at high street banks and building societies.
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
Investors do not pay any personal tax on income or gains, but ISAs do pay unrecoverable tax on income from stocks and shares received by the ISA managers.
Tax treatment depends on individual circumstances. Tax treatment, rates and allowances are subject to change.
At Four Oaks Financial Services, our initial consultation is at our cost. Contact our Client Liaison Team on 01543 401029.
