Take Financial Advice Before You Cash In Your ISA

Financial Advice Sutton ColdfieldIf you are considering cashing in an ISA and moving the money to a new ISA, please read this.

It is usually more beneficial to transfer an ISA to another ISA. This of course depends upon your circumstances but getting financial advice first could mean that you continue to enjoy the tax benefits on the whole amount of the investment.  The rules around ISAs say that if you invest in a new ISA you can only save up to £20,000 in the current tax year.  If the ISA you are cashing in has a value greater than this you will not be able to invest any sum over the £20,000 threshold.

It is also a good idea to get financial advice on ISAs to make sure that you are investing in the ISA most appropriate for you needs. We have a wider range of ISAs than you will have access to on the high street or online and we will be able to advise you on the interest rates and the management fees.  There is more information here.

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.

Our Financial Advisers give financial advice on ISAs in Sutton Coldfield and across the region.  They also give advice on other tax efficient savings.  To make an appointment contact our Client Liaison Team on 0121 323 2070 or clientliaison@fouroaksfs.com.