Trading as Nick Ball
Protection Inheritance Tax
Investments
ISAs
Mini Or Maxi?
Each tax year you are only able to invest in one of these two options, thereby making it important to understand the implications of each.
An ISA (both Mini and Maxi) are composed of cash, shares, and insurance and provide a tax effective way to save.
Mini ISAs
- Designed for people with up to £3,000 to invest per year.
- You can invest up to £3,000 in each tax year, as long as you haven't opened a Maxi ISA.
- You can invest in each of the components with different companies - enabling you to "shop around" for the best deal, and the lowest charges.
- The maximum payable into each component of the "Mini" ISA is Cash - £3,000, and Equities - £4,000.
Maxi ISAs
- This is an option if you have more than £3,000 to invest into an equity (stocks and shares) ISA.
- You can invest up to £7,000 in each tax year as long as you have not yet taken out any other ISA arrangement.
- Money is invested with one organisation.
- Investments can be split between the permitted investment areas of Equities (usually via unit or investment trusts and OEICS), or Cash.
- The maximum investment into a maxi ISA is £7,000 per tax year and that the full amount can be invested in equities or up to £3,000 in cash, with the balance in equities.
Transferring ISAs
If you already have an ISA, it is possible to change providers. Doing so correctly will enable you to continue saving up to your yearly limit, however, if you withdraw the funds, you will not be able to pay them in to a new ISA if you have used your annual ISA allowance.
Ethical ISAs
A wide range of funds are available, many of these operate a fairly straightforward criteria of avoiding certain types of industries such as those connected with drugs or pornography where as other more specialist funds differentiate between the use of animals in the testing of drugs for humans as opposed to the testing of cosmetics.
Acuma Ltd. is Authorised and Regulated by the Financial Services Authority. ISAs are intended as a medium to long term investment. Because this type of investment may go down in value as well as up, you may not get back the amount invested especially in the early years. Past performance is not a guide to future performance. There is no guarantee the new investment will equal or outperform that of the original. Should you decide to transfer any existing holdings, you should be aware of any exit penalties imposed and also that there is the potential for loss of income/growth, following a rise in the markets, whilst the transfer is pending. Please note that this does not represent personalised advise and is not a recommendation that this product matches your financial requirements. If you should have any doubts about whether this product meets your own needs please contact us so that your individual circumstances can be considered.