Financial Matters
By Bob Norris of Kinsella Clarke - Independent Financial Advisers
Individual Savings Accounts
The end of the tax year is approaching. This is always a good time to be thinking about Individual Savings Accounts (ISA's) particularly in view of recent changes.
There are 2 types of ISA - cash & investment.
Cash ISA's
For the 2009/10 tax year U.K. residents aged 16 and over have a £3,600 cash ISA allowance. Those aged over 50 by 5 April 2010 have a cash ISA allowance of £5,100. The higher allowance is increased for all over 16 for the tax year 2010/11. Should any year's allowance not be used in cannot be carried forward
Cash ISA's are deposit based investments with interest received being tax free.
Investment ISA's
For over 18's Investment ISA allowances are similar to cash although it is possible to invest the total ISA allowance each year into an investment ISA (£7,200/£10,200)
Investment ISA's may be invested in a wide range of investment funds to match appetite for risk including gilts, bonds, property and shares. They are tax efficient in that there is no tax on interest received and no capital gains tax.
For further information contact Bob Norris on 0151 933 3400 or 07808348058
By Bob Norris of Kinsella Clarke - Independent Financial Advisers
Individual Savings Accounts
The end of the tax year is approaching. This is always a good time to be thinking about Individual Savings Accounts (ISA's) particularly in view of recent changes.
There are 2 types of ISA - cash & investment.
Cash ISA's
For the 2009/10 tax year U.K. residents aged 16 and over have a £3,600 cash ISA allowance. Those aged over 50 by 5 April 2010 have a cash ISA allowance of £5,100. The higher allowance is increased for all over 16 for the tax year 2010/11. Should any year's allowance not be used in cannot be carried forward
Cash ISA's are deposit based investments with interest received being tax free.
Investment ISA's
For over 18's Investment ISA allowances are similar to cash although it is possible to invest the total ISA allowance each year into an investment ISA (£7,200/£10,200)
Investment ISA's may be invested in a wide range of investment funds to match appetite for risk including gilts, bonds, property and shares. They are tax efficient in that there is no tax on interest received and no capital gains tax.
For further information contact Bob Norris on 0151 933 3400 or 07808348058