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Investing in ISAs

Three months into the new tax year and by now we should be well on our way to collecting all of the information which we need in order to complete our annual tax returns. The deadline for handing out P11Ds was 6 July, providing the final salary adjustment information which employees may need for their tax returns; adding to the information provided on their P 60s which they should have had by the end of May.

Banks and building societies should also by now have provided relevant interest information and with dividend tax details being provided at the time dividends were paid during the year, the majority of people will now have the information which they need in order to complete their tax returns.

So this may also be a good time for reflection, for looking at tax efficient investments such as ISAs. For those aged over eighteen the ISA limit for the current tax year is £15,240. Investments may be made in either cash or stocks & shares ISA’s, or a combination of both. It’s important that investors don’t breach the ISA limit and there are rules about withdrawals and switching so it is worth checking what you can and can’t do before you invest.

Those aged under 18 are eligible for a Junior ISA which has a limit of £4,080. Junior ISAs can be held in cash, stocks & shares or a combination of the two. Individuals who are 16 or 17 may have a Junior ISA as well as an adult cash ISA.

If you’re looking for advice on investing in ISAs, or if your situation has changed and you may therefore need to review your existing investment portfolio, contact Beckworth by using one of the links on our website.