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.