Isas
The CASH ISA accounts are TAX FREE, and do not have to be entered onto any tax returns.
The Allowance for 2007-08 is £3000, this is set to rise to £3,600 for 2008-09.
You can only open ONE New cash isa per tax year, and you can add new monies to one Cash Isa per tax year (see transfers). You do not have to open a Cash ISA with your existing provider, i.e. you can open an account at different providers every year.
Most providers allow for transfers in. And ALL should allow you to transfer out. Once you withdraw from a Cash ISA you cannot then then re-deposit into.
The £3000 limit refers to total deposited, and not maximum account balance. So if you deposit £3000, and withdraw £1000, then you cannot re-deposit that £1000 in the same tax year as you have used up your £3000 deposit limit.
The rules will also change for stocks and shares isas where the maximum investment level for Isas rise from £7,000 to £7,200 a year.
Within an ISA you can invest into most collective investments such as Unit Trusts/Oeics and Corporate Bonds. An Isa should be the first option for all investors.
Find out why many people switch their Investment Adviser to Worldwide Financial Planning by calling 0845 230 9876 or complete the enquiry form in confidence.
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