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Self-Select ISAs allow you to buy and sell shares but any capital gains are tax-free. In addition, there is no Income Tax liability on income received within an ISA with opportunities to select investments that pay interest gross.
There is no doubt that an ISA is one of the best places to 'house' your long-term investments and an excellent opportunity to build up a sizable portfolio as part of retirement planning or as a potential legacy for children and grandchildren - they really should not be overlooked!
The annual administration charge is £60 + VAT.
If you have ISA accounts held with other providers you can opt to transfer these accounts to Redmayne-Bentley with nothing additional to pay on your annual fee.*
* Your current provider may charge an exit fee.
Redmayne-Bentley received the award for 'Best ISA Provider 2012' at the City of London Wealth Management Awards for customer service, which are determined by public votes.
Holding cash in the stocks and shares component
HMRC states that cash may only be held in a stocks and shares ISA to invest in qualifying investments. This includes cash subscriptions, interest and dividends, and proceeds from disposals of qualifying investments that have not yet been reinvested.
2013/14 ISA limits
The current ISA allowance for a stocks and shares is £11,520. If you have already subscribed to a Cash ISA (up to £5,760) you can still invest the remainder in a Stocks and Shares ISA.
Cash ISAs can be transferred to a stocks and shares ISA enabling you to invest in a range of securities which may be beneficial in the current low interest rate environment.
We find that many of our clients don't believe they will be affected by Capital Gains Tax (CGT), thinking they will be covered by the annual allowance (£10,900 for 2013/14 tax year). Over time though, modest investments can grow into a sizable portfolio, and in selling their investments (e.g. to buy a property or perhaps pay for medical care), they can be liable to a hefty CGT bill. Holding investments like this within an ISA from the outset could save you thousands of pounds.
Call now for a no obligation discussion: 0113 200 6580
Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.