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ISA is an abbreviation for Individual Saving Account. An ISA is a ‘wrapper’ designed to go around an investment, to make it tax-efficient. Therefore no interest is payable whilst the investment grows and it is exempt for capital gains tax when cashed-in.
The two types of ISA investment:
- Stocks & Shares ISA gives you the chance to invest your money in shares, bonds or commercial property without paying personal tax on any returns you might make.
- Cash ISA is simply a savings account – except that you pay no tax on the interest you earn.
- The ISA limit for 2014/15 is £15000 from 1st July 2014. You can invest the full amount into a stocks and shares.
- The above limit is for every eligible adult. This means a husband and wife, for example, could put up to £30,000 between them into ISAs this tax year.
The tax efficiency of ISAs is based on current rules. The current tax situation may not be maintained. The benefit of the tax treatment depends on individual circumstances.
Stocks and shares ISA
Please remember the value of your investment and any income from it may fall as well as rise and is not guaranteed.
You may get back less than you invest.
Although there is no fixed term you should consider stocks and shares ISA investments to be medium to long-term, ideally five years or more.
Please remember the value of your child’s investment may fall as well as rise and is not guaranteed.
Your child may get back less than the amount invested.
The money invested in a stocks and shares Junior ISA is locked away until your child becomes 18 and then rolls up into an adult ISA. You should consider it to be a medium to long-term investment, ideally of five years or more.
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