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The value of investments and the income they produce can fall as well as rise, you may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
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.
Even though the Bank of England has increased interest rates recently, this is only by a very small amount and there is still no sign of any significant increases in interest rates in the short-term. Therefore, if you have got money to save you need to do this in the most tax efficient way possible.
One of the best ways to save is by having an ISA because the interest you earn is tax free!
This allows you to save up to £20,000 in the tax year 2017/2018 and up to £20,000 in the tax year 2018/2019.
There are also Junior ISAs. Junior ISAs are a great way for you to build up a sum of money for a child to put towards the cost of university, their first car or a deposit for a house. An ISA is a tax efficient way to do this. In the tax year 2017/2018 you can save up to £4,128 and, because the Chancellor increased the allowance for the Junior ISA in the budget last November, in the tax year 2018/2019 you can save up to £4,260.
Don’t let this important opportunity to save or invest tax-efficiently pass you by. Talk to a Financial Adviser because they will be able to advise you on the most suitable ISAs for you and it is important to know that they have access to ISAs that you can’t get through a high street bank or building society.
But, you need to talk to your Financial Adviser quickly. The current tax year ends on the 5th April 2018 so to use your allowances you need to have your new ISA in place, done and dusted, by this date. And in the Financial Services sector February and March are known as “ISA season”, so don’t leave it to the last minute.
At Four Oaks Financial Services, our initial consultation is at our cost. Contact our Client Liaison Team on 01543 401029.
