Iain Wallis

Proven Tax Strategies for High Net Worth Individuals

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Use your ISA

January 31, 2012 By Iain

Whilst I know that some of you property investors want to keep your cash to fund cheeky offers, as the end of the tax year draws ever closer just a reminder to make sure you have used your full  ISA allowances. As a reminder here are the benefits at a glance:

  • Shelter an investment of up to £10,680 from tax
  • ISA limits increase annually in line with inflation (RPI)
  • You pay no capital gains tax on the returns from your ISA
  • No further income tax to pay
  • You don’t have to mention ISAs on your tax return
  • You don’t need to hold an ISA for a fixed term (although a Stocks and Shares ISA should be regarded as a long-term investment)

Anyone over the age of 18 who is a UK resident can invest in a Stocks and Shares ISA.

As ‘individual’ accounts,  money that is to be invested in an ISA must belong to the person making the application, but a married couple can each have their own ISA and shelter up to £21,360 between them.

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Filed Under: personal tax, Uncategorized

Comments

  1. Paul Impey says

    February 17, 2012 at 12:13 pm

    Great advice Iain, I would also add – shop around each year some companies allow movement of existing ISA’s into theirs when opening an account for the present year and give a bonus 1st year on the complete amount! (Did this last year and am looking to do it again when the year is up) – just check you don’t have to keep it there longer to get the rewards.

    • iain says

      February 23, 2012 at 5:50 pm

      Yes it alwyas pays to shop around and not just expect your current provider to be offering the best deal.

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  • My Books
    • Essential Tips to Avoid Property Taxes
    • Legally Avoid Property Taxes
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