ISAs offer an attractive tax-free shelter to anyone aged 16 or over (18 or over for Stocks & Shares ISAs). They serve as a kind of ‘wrapper’ to protect savings from tax, allowing individuals to put away a maximum of £7,200 or £10,200 if you are aged 50 or over (by way of regular or single savings amounts) each tax year in a range of savings and investments and pay no personal tax at all on the income and/or profits received.
There are two types of ISA:
- stocks and shares, in the form of either individual shares or bonds, or pooled investments such as open-ended investment funds, investment trusts or life assurance investments.
- cash, usually containing a bank or building society savings account.
We have found that a number of individuals hold several ISAs with differing managers, making it difficult to account for and manage them, and in addition, causing a lot of paperwork. You may be interested in using a Fund Supermarket which gives you to option to merge some or all of your existing ISAs into one product, saving you time, paperwork and simplifying your financial arrangements.
We can help you rationalise the number of ISAs you hold, and find the most suitable and efficient ISAs for your needs.