Individual Savings Accounts (ISAs)
Individual Savings Accounts (ISAs) are tax-efficient investment vehicles that come in a variety of different types, including:
– Cash ISAs
– Stocks and Shares ISAs
– Lifetime ISAs (LISAs)
– Innovative Finance ISAs
– Junior ISAs (JISAs)
You can have a combination and hold as many different types as you like, as long as you only pay into one of each type in each tax year. The maximum amount (known as the ISA allowance) you can pay into an ISA in a tax year is £20,000 (’22 / ’23 tax year). Junior ISAs aren’t included in this allowance as they’re held in the child’s name.
Cash ISAs are perhaps the simplest and the lowest risk, acting as a tax-free savings account with either a fixed or variable interest rate. Stocks and Shares ISAs carry more risk as you’re investing in the stock market. This means your investment can go down as well as up and you may not get back what you invested.
ISAs are a popular choice because of their tax efficiency and work well as part of an investment portfolio. That’s why it’s important to seek independent financial advice, so you can discuss the level of risk you’re comfortable, and can afford, to take, for the chance of a higher potential reward.
It’s all part of a process that we call Life Landscaping®.
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