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Self Select ISAs

Self-Select ISAs allow you to buy and sell shares and any growth and returns are free from any further Income Tax liability and Capital Gains Tax.

New ISA rules, applied from 1st July 2014, have brought greater flexibility, simplicity and choice to ISAs. The annual allowance has been increased to £15,000, which can be invested in cash, stocks and shares or a combination of the two. Furthermore, ISAs can be transferred between any providers.

What are the benefits?

  • £15,000 allowance for the 2014/15 tax year;
  • Transfer-in existing ISAs including Cash ISAs to create a single ISA 'pot'.
  • Any gains are FREE from capital gains tax (CGT).
  • No further Income Tax liability for higher rate taxpayers.
  • Interest is paid gross on Gilts, Bonds and Permanent Interest Bearing Shares (PIBs) and therefore completely tax-free if held within an ISA.
  • There is no longer a requirement for fixed interest stocks within a 'Stocks and Shares' ISA to have a minimum of five years until they mature when you purchase.
  • Property Income Distributions (PIDs) from Real Estate Investment Trusts (REITs) are paid gross.
  • Flat annual charge of £60 + VAT (payable in October 2015 for new ISA accounts) regardless of the value of your account.
  • Monthly income service available at £10 + VAT per annum.

What are the risks?

  • You should consider if the potential tax benefits are likely to exceed the associated charges. Contact your local branch to discuss further.
  • Investments and income arising from them can fall in value and you may lose some or all of the amount you have invested.
  • Tax treatment depends on the specific circumstances of each individual and may be subject to change in the future.

How much does it cost?

The annual administration charge is £60 + VAT, regardless of value or number of investments held within the ISA. For individuals opening a new ISA account this would be due for payment in October 2015.

If you have subscribed to ISAs with a number of providers over the years, you can transfer these (including Cash ISAs) to create a single ‘ring-fenced’ pot. Consolidating ISA accounts may bring the benefits of reduced paperwork and ease of management, and also potentially cost savings. 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.

Info Point

Redmayne-Bentley received the title of 'Stockbroker of the Year 2014' and 'Best ISA Provider 2012' at the City of London Wealth Management Awards. The awards, which were voted for by members of the investing public, recognise the quality of service provided by the firm to its clients.

2014/15 ISA limits
The allowance for a Stocks and Shares ISA has been increased to £15,000 for the current tax year.

Consolidate your ISAs: Could You Save on Charges?
You can transfer ISAs held with other providers (including Cash ISAs) to create a single ISA portfolio with us. This may bring the benefits of less paperwork and ease of management, and potentially cost savings.

To transfer ISA accounts to Redmayne-Bentley, simply complete your details on our ISA Transfer form contained within our ISA brochure and we will do the rest for you.

Mitigating Capital Gains Tax (CGT)
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 (£11,000 for 2014/15 tax year and £11,100 for 2015/16). However, over time, 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 substantial CGT bill. Holding investments within an ISA from the outset could save you a considerable amount of money in the future.

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Under our Advisory or Discretionary Management services, your ISA can be incorporated to a wider portfolio designed to meet your personal investment objectives.

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