According to HMRC 42%* of people hold an ISA. The reason for this popularity is that they are very tax efficient ways to save, benefitting from no Income Tax and no Capital Gains Tax. In fact, for most people they are one of the best ways to save, so the Government restricts how much you can invest in an ISA each tax year. For the tax year that ends on the 5th April 2020 adults have an ISA Allowance of £20,000 and children £4,368.
It is important to note that you have to use the allowance in the current tax year. It cannot be taken over into the next tax year. Use it or lose it. If you are not sure if you have used all of your ISA allowance this year, or you want to have your existing ISAs reviewed, please speak to your Financial Adviser straight-away. ISAs are usually straight-forward to set up, but you’ve only got until 5th April if you want to invest in your ISA this year.
Find more information about financial advice for ISAs local to Sutton Coldfield.
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.
Our qualified Advisers have the expert knowledge to help you chose the most appropriate ISA based upon your circumstances and financial goals. To make an appointment contact our Client Liaison Team on 0121 323 2070 or firstname.lastname@example.org.
*HMRC, April 2019