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Marco's Blog

We are happy to provide Independent Financial Advice for ISA investments. We can help you invest new money or provide advice for an existing ISA portfolio.

An Individual Savings Account (ISA) is a financial product available in the United Kingdom , designed for the purpose of investment and savings with a favorable tax status. ISAs were introduced on 6 April 1999, replacing the earlier Personal Equity Plans (PEPs) and Tax Exempt Special Savings Accounts (TESSAs), which continue to exist only for money already invested in them and for inter-plan transfers.

Consultation

There are now just two types of investment bases for ISAs:

Cash ISA

For example deposit accounts that earn interest.

You can invest up to £5,100 into a Cash ISA for the 20010/11 tax year.

Stocks and Shares ISA

For example Unit Trusts, OEICs or single company shares.

You can invest up to £5,100 into a Stocks & Shares ISA if you have also fully funded a Cash ISA. Alternatively you can invest the full allowance of £10,200 (10/11) into a Stocks and Shares ISA.

To simplify ISA Investments, the distinction between Mini & Maxi ISA's has been removed.

ISA Transfers

You can transfer ISAs between providers. Transfer of an ISA from the current tax year must be total. Partial transfers are only allowed on ISAs from previous tax years.

Whether the original contributions were made to a Maxi ISA or Mini ISA has no effect on transfer. The transfer must be done between the managers. If a saver transfers the money manually, it will be treated as a withdrawal and they cannot invest this in an ISA if their subscription limit has already been reached.

It is now also possible to transfer money held in a Cash ISA to Stocks & Shares ISAs without affecting your annual allowance or the tax status of the investment.

 

Tax Benefits of ISAs

No tax is paid on the Income you receive from your ISA savings and investments with the exception of a 10% tax on dividends that cannot be reclaimed. No tax is paid on Capital Gains arising on your investments.  

You can take your money out of ISAs at any time tax free (but some types of ISAs have a notice period). You do not have to tell HMRC about Income or Capital Gains from ISA savings and investments.

 

 

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