In an unsure economic climate,
financial planning is more necessary than ever and for anyone. With a family,
saving in the long run has become a high priority. Giving yourselves and your
family a strong financial base ensures they have the quality potential to start
in life, whether they want to pay for driving lessons, begin on a course of
higher education or choose another path.
For this ISA is the best choice
as they give a good return on your money and is tax free. But there comes a
need to understand the different aspects of ISA if you are planning to invest the
most of your money in it. There is a limit to the amount you can deposit into
your ISA in a single tax year. It will affect your choice which one to opt to.
In 2016/17 tax year you can
invest up to £15,240 into the ISA products. You can entirely invest whether in
cash ISA, stock and share ISA. You can also invest £5,000 in cash ISA, £5,000
in a stock & shares ISA, £5,240 in an innovative finance ISA.
Who is eligible?
- It must be UK residence for tax purposes
- Age 16 or over
ISA can only be held in a single name and you can only open
one Cash ISA per year. You can withdraw the money from cash ISA and transfer
whenever you want, but there is a special process to follow. Cash ISA might
best suit you if you are merely searching for a low-risk savings choice with
easy accessibility to your money.
For more information on Cash ISAs and other types of savings
accounts, speak to a savings adviser who could help you make informed decisions
to suit your financial needs. You may find it beneficial to talk to the experts
at Barrington Howe Ltd. Contact Us!
No comments:
Post a Comment