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Don’t miss the ISA deadline  There's not much of our money that we can hide away from the prying eyes of the taxman, but an Individual Savings Account (ISA) is one way of doing it. The deadline for investing in a 2005/06 ISA is 5 April 2006, so time is running out if you haven’t used up your ISA allowance. An ISA is a special type of ‘wrapper’, which for the most part is immune from tax. So an ISA isn't an investment itself – you put your savings or investments in it.
There are two possible components to an ISA:
Maxi versus Mini It's very important to understand the differences between a Maxi and Mini ISA because each tax year you are allowed to invest in only one of these two types. We can discuss with you the most appropriate option for your situation.
Mini ISA You can have two Mini ISAs each year, made up of a cash Mini ISA and/or a stocks & shares Mini ISA. You can put up to £3,000 into your cash Mini ISA and up to £4,000 into your stocks & shares Mini ISA.If you like, you can have a cash Mini ISA with one company and a stocks & shares Mini ISA with another. This is useful because investment companies that offer stocks & shares ISAs may not offer great interest rates on cash ISAs. Max ISA You are permitted to have only one Maxi ISA each tax year, investing up to £7,000 in stocks and shares or saving up to £3,000 in cash, although you can't put in more than £7,000 in total in any one year.If you require any further information about the services that we provide or would like to review your financial planning position, please contact us |