When planning your finances it’s important to understand the difference between savings and investments. Your savings will usually need to be accessed quickly for things such as holidays, cars etc and you will need a certain amount of savings before considering investments.
Investments are designed to be held for a longer term and are not always guaranteed. So whatever you’re saving for, Town & Country Financial Advisers can offer you advice, detail the benefits of each type of ISA and also explain any associated risk, volatility and returns.
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What is an ISA?
An Independent Savings Account available to residents of the UK that offers a favourable tax status. An ISA account investment returns are exempt from income tax and capital gains tax and no tax is payable on money withdrawn from the scheme either. This could be subject to government change.
There are two types of ISAs:
Simple savings accounts usually offered by banks and building societies where the interest isn’t taxed. These accounts can be instant access, regular savers or fixed term accounts.
New Individual Savings Accounts (NISA)
Investing in corporate bonds, stocks & shares and other assets that fluctuate in value.
The value of investments and the income they produce may fall as
well as rise. You may get back less than you invest.
Investors do not pay any personal tax on income or gains but NISAs do pay unrecoverable tax on income from stocks and shares received by the NISA managers.
Tax treatment varies according to individual circumstance and is subject to change.
Town & Country Financial Advisers - ISAs
With more and more products available it’s more important than ever to ensure you get the best product suited to your needs. At Town & Country Financial Advisers we can provide you with the best advice, not only to find you a suitable ISA provider, but also to provide a review service to monitor and change your product if need be.