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  • Home
  • About Us
  • Services
    • Financial Planning
      • Introduction to Financial Planning
    • Mortgages
      • Introduction To Mortgages
      • Mortgage Repayment
      • 1st Time Buyer
      • Remortgaging
      • Standard Variable Rate
      • Fixed Rate
      • Tracker Mortgages
      • Cashback Mortgages
      • Offset Mortgages
      • Buy to Let
      • Self Build
    • Pensions
      • Introduction to Pensions
      • National Employment Savings Trust (NEST)
      • Occupational Pensions / Auto Enrolment
      • SSAS
      • SIPP
      • Executive Pension Plan
      • State Pension
      • Annuities
      • Stakeholder
      • Personal
    • Taxation
      • Introduction to Taxation
      • Capital Gains Tax
      • Income Tax
      • Inheritance Tax
    • Savings & Investments
      • Introduction to Savings & Investments
      • Unit Trusts
      • Collectives
      • With-profits
      • Fixed Interest Investments
      • Capital Investment Bonds
      • National Savings Products
      • ISAs
      • Junior ISAs
      • OEICs
      • Investment Trusts
      • Offshore Collectives
    • Life Assurance
      • Introduction to Life Assurance
      • Investment Linked
      • Family Income Benefit
    • Health Insurance
      • Introduction to Health Insurance
      • Private Medical
      • Critical Illness
      • Income Protection
  • Online Services
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Give us a call on 01304 832722 or drop us a message

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ISAs

Individual Savings Account (ISA)

ISAs represent a tax-efficient container in which to place cash savings and investments in equities, bonds and collectives.

An ISA is available to all UK resident individuals and to Crown servants (for example, those in the UK’s armed forces, diplomatic service or overseas civil service) and their spouses or civil partners who are not resident in the UK.

To open an ISA you must be over the age of 16 for cash ISAs & over the age of 18 for stocks and shares ISAs and you cannot hold an ISA with or on behalf of someone else.

Designed to encourage new saving they are attractive to investors seeking a tax-efficient investment vehicle with the potential for higher returns. There is usually a low level of minimum subscription and no minimum period of investment.

An ISA enables you to accumulate savings in a tax efficient manner as all gains are free from tax, making them particularly attractive to higher rate taxpayers.

An ISA can contain cash deposits, investments in equities, bonds and collectives.

For the 2022/23 tax year, you can choose to pay in one of the following:

  • £20,000 to a cash ISA and nothing to a stocks & shares ISA.
  • £20,000 to a stocks and shares ISA and nothing to a cash ISA.
  • A combination of amounts between a cash and a stocks & shares ISA, up to the overall annual limit of £20,000.

You can only open one cash ISA and one stocks and shares ISA to put new money into each tax year. But you can also open other ISAs to transfer old ISAs into.

For UK equities, you are deemed to pay 10% dividend tax credit in stocks and shares ISAs which cannot be claimed back.

Withdrawals from an ISA can be made at any time with all gains free from tax but it is only possible to hold one ISA per tax year, so if an ISA is closed within the same tax year that it was opened, another one cannot be started until the next tax year.

ISAs can be transferred from one provider to another, as long as the new provider accepts transfers. This is often done with a cash ISA after it has been held for a year as previously attractive interest rates drop dramatically when short-term bonuses and fixed terms come to an end. The transfer is initiated through the new, receiving, provider who will require you to supply details of the original account and will manage the whole transfer process. Transfers should not be done manually by withdrawing the investment, closing the account, and re-investing it in the new account, as this removes the tax-free interest status of your investment.

The current year's allowance is unaffected by anything transferred from previous years so you can transfer previous investment to a new ISA and open a second ISA for new contributions if you wish, as long as you don't contribute to both.

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.

THE VALUE OF INVESTMENTS AND THE INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.

INVESTMENT ENQUIRY FORM

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Yes please, I'd like to hear about offers and services.
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Please tick this box to confirm you have read and understood our privacy policy.

Individual Savings Account (ISA)

ISAs represent a tax-efficient container in which to place cash savings and investments in equities, bonds and collectives.

An ISA is available to all UK resident individuals and to Crown servants (for example, those in the UK’s armed forces, diplomatic service or overseas civil service) and their spouses or civil partners who are not resident in the UK.

To open an ISA you must be over the age of 16 for cash ISAs & over the age of 18 for stocks and shares ISAs and you cannot hold an ISA with or on behalf of someone else.

Designed to encourage new saving they are attractive to investors seeking a tax-efficient investment vehicle with the potential for higher returns. There is usually a low level of minimum subscription and no minimum period of investment.

An ISA enables you to accumulate savings in a tax efficient manner as all gains are free from tax, making them particularly attractive to higher rate taxpayers.

An ISA can contain cash deposits, investments in equities, bonds and collectives.

For the 2022/23 tax year, you can choose to pay in one of the following:

  • £20,000 to a cash ISA and nothing to a stocks & shares ISA.
  • £20,000 to a stocks and shares ISA and nothing to a cash ISA.
  • A combination of amounts between a cash and a stocks & shares ISA, up to the overall annual limit of £20,000.

You can only open one cash ISA and one stocks and shares ISA to put new money into each tax year. But you can also open other ISAs to transfer old ISAs into.

For UK equities, you are deemed to pay 10% dividend tax credit in stocks and shares ISAs which cannot be claimed back.

Withdrawals from an ISA can be made at any time with all gains free from tax but it is only possible to hold one ISA per tax year, so if an ISA is closed within the same tax year that it was opened, another one cannot be started until the next tax year.

ISAs can be transferred from one provider to another, as long as the new provider accepts transfers. This is often done with a cash ISA after it has been held for a year as previously attractive interest rates drop dramatically when short-term bonuses and fixed terms come to an end. The transfer is initiated through the new, receiving, provider who will require you to supply details of the original account and will manage the whole transfer process. Transfers should not be done manually by withdrawing the investment, closing the account, and re-investing it in the new account, as this removes the tax-free interest status of your investment.

The current year's allowance is unaffected by anything transferred from previous years so you can transfer previous investment to a new ISA and open a second ISA for new contributions if you wish, as long as you don't contribute to both.

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.

THE VALUE OF INVESTMENTS AND THE INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.

INVESTMENT ENQUIRY FORM

Your Address

Investment Information

Marketing Information

Submit your Information

From time to time, we would like to contact you about our products and services which we think you might be interested in. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you.

Email
Telephone
Post
Yes please, I'd like to hear about offers and services.
No thanks, I don't want to hear about offers and services.
Please tick this box to confirm you have read and understood our privacy policy.

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Registered Office: Lancaster-Hill Investment Management, The Paddocks, Meadow View Road, Shepherdswell, Dover, Kent, CT15 7PL

Lancaster-Hill Investment Management is an appointed representative of TenetConnect Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Ltd is entered on the Financial Services register (www.fca.org.uk/register) under reference 149826.

Partners: Michael Hillary and Joanne Hillary

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

 

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