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Make the most of tax efficient savings offers

2019-09-01T23:08:37+01:00January 9th, 2019|Categories: Blog, Personal Finance|Tags: , , , |

As the end of the current tax year approaches, it is worthwhile making a check to ensure that the various tax-efficient savings opportunities have been utilised wherever possible. The following paragraphs highlight some of the areas where savings may be made. ISAs The maximum annual investment limit for Individual Savings Accounts (SAs) will remain at £20,000 for 2019/20. The limit effectively allows a couple to save £40,000 a year between them and receive interest on the investment tax free. There will also be no capital gains tax to pay when the account is closed. Junior ISAs are available to UK-resident children [...]

Lifetime ISA guidance updated

2019-09-01T11:50:42+01:00October 16th, 2016|Categories: Personal Finance|Tags: , |

HM Treasury has updated its factsheet on the new Lifetime Individual Savings Account (ISA), which are expected to launch in April 2017. Key features of the new ISA include: Accounts may be opened by investors aged between 18 and 40. Savings invested in the account before age 50 will attract a government bonus of 25%. A maximum of £4,000 may be saved each year on which the 25% bonus will be paid. This equates to a maximum bonus of £1,000 a year. Some or all of the money can be used to buy a first home, or it can [...]