Savings & Investments

What are ISAs? Where can I get an ISA? What do you know about Tax Free Investments? All the answers are here in our Savings & Investments section…

It’s Time to Start Saving

It’s Time to Start Saving

For many of us, times are a little tough. Our finances are in the spotlight more than ever before with a number of people in the UK struggling to save. In fact, on average just under a quarter of people in the UK aren’t saving anything at all, while on average those who are only manage to put away £87 per month. But when times are tough it’s exactly when you should be putting something aside each month to save for your future. Whether you’re a first time buyer, looking to make the next move on the property ladder or even saving for a wedding you need a plan in place. So, you know you need to start saving, but where do you begin? Here’s a quick guide on putting something in place from ISA tax benefits to easy access saving. Be Realistic How much can you part with each month? For many of us ... »

Venture Capital Trusts

Investments of up to £200,000 in Venture Capital Trusts (VCTs) offer significant tax incentives to investors including 30% income tax relief. VCTs are quoted limited companies whose purpose is to invest shareholders’ funds in smaller unquoted trading companies, (including AIM listed stocks) having potential for growth, with a view to making profits. Most Venture Capital Trusts are run by investment managers and raise their funds from private investors. What are the tax benefits? Individuals may be able to secure a number of tax advantages from this sort of investment. However, from 6 April 2006, shares in VCTs must be held for at least five years (previously three years) to obtain all the potential tax benefits. In addition, the individual must be 18 years of age or more on the... »

Tax-Free Investments

Tax-Free Investments

This article on Tax Free Investments is currently being updated. Please check back soon for revised Tax Free Investment information. »

School Fees Planning

School Fees Planning

The School Fees Planning information is currently being updated. Please check back soon for revised information. »

Pooled Investments

A pooled investment allows an individual to invest in a large portfolio of assets with many other investors. The risk is therefore reduced… … due to the wider spread of investments in the portfolio. Various funds are available, based on: income or growth needs, such as: – income funds providing high dividends capital growth funds balanced funds which aim to achieve a mix of both geographical allocation, such as: UK funds international or specific regional funds (eg Far East) specialist funds which invest in a specific type of company, such as a property or technology fund. The main vehicles for pooled investments are: unit trusts open-ended investment companies (OEICS) investment trusts insurance company funds. The first three can nearly always be bought within an Indiv... »

Long Term Care

Most people are aware that paying for long term care can be a problem but it is not usually appreciated until the time… ….that care is needed by them or a close relative. The demographics of the UK population show a growing trend for the elderly needing some form of long term care. The Government estimated that, in 1995, over 20% of those aged over 70 were in need of long term care assistance (The Royal Commission on Long Term Care – March 1999). What is long term care? Long term care is the generic name given to the provision of accommodation, medical support and care for the well being of individuals, including the elderly, who are not able to look after themselves. As people get older they start to find that some of the simple tasks such as moving about the house, wa... »

ISAs, PEPs and TESSAs Guide

Everyone who can afford to should try to save at least a little. The Government has designed ISAs to provide several ways for you to save – without paying tax on what you earn from your investment, and you can put money in and take it out whenever you want to. For example, you could start with a few pounds in a simple cash ISA, for ‘rainy day’ savings that you need to get at quickly. Or you might consider investing in a stocks and shares ISA, for longer-term saving. You could also choose a life insurance ISA for longer-term saving, with some built-in cover in the case of your death. This guide will give you the information you need to help make your savings decisions. This guide also gives information on TESSAs and PEPs for savers who already have these. »

Individual Savings Accounts (ISAs)

What is an Individual Savings Account (ISA)? An ISA is a type of savings account. Basically, if you save in an ISA you are entitled to keep all that you receive from that investment and not pay any tax on it. This is not the case with, for example, an ordinary bank or building society account unless you are a non-taxpayer. See the HMRC’s booklet IR111 ‘Bank and Building society interest. Are you paying tax when you don’t need to?’ (PDF 564K) and A Guide for Savers for more information on bank and building society accounts. ISAs began on 6 April 1999 and will be around until at least 6 April 2009. You can start with small amounts and save up to £7,000 each tax year until 2005-06 and up to £5,000 in each tax year from 2006-07. The reduction from £7,0... »