Your 2009/2010 Cash ISA allowance - Use it or lose it!
Wednesday, March 24, 2010, -
InvestmentsPosted by Administrator
Have you checked the interest rate you are earning on your savings accounts lately? You could be earning as little as 0.1%!
Make sure you earn a good return on your savings and make sure you protect this money from the taxman by placing it into an easy access Cash ISA.
Some of the best rates on easy access Cash ISAs are currently offered by
Alliance & Leicester (3.5%), and
Barclays (3.1%). These accounts include bonuses for the first year so make sure you review your Cash ISA regularly, at least once a year. These accounts do not allow transfers from previous years’ ISAs.
If you are looking to transfer Cash ISA funds that you have built up over previous years, you may wish to consider
First Direct (2.75%) or
Nationwide (2.75%). You must open, or have, a current account open with these banks in order to qualify for these top rates, which are available online.
Alternatively if you have more than £9,000 of previous years’ Cash ISA funds you may consider
Alliance & Leicester who currently offer 2.75%AER for an online-only Direct ISA.
For more information on ISAs please see our
ISA page.
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21 million people in the UK are eligible to shelter an additional £3,000 of savings from tax as from 6th October 2009
Friday, January 15, 2010, -
InvestmentsPosted by Administrator
From 6th October 2009 anyone aged 50 or over this tax year can save an additional £3,000 in their Individual Savings Accout (
ISA ).
Up until now consumers have been able to invest a total of £7,200 each tax year within the tax shelter of an
ISA .
As from 6th October 2009, anyone over the age of 50 can invest a total of £10,200 in an
ISA (with up to £5,100 in a Cash ISA).
From 6th April 2010 this new allowance is extended to anyone aged 18 or over.
With 21 million eligible people in the UK and at a time of record low interest rates, this opportunity to shelter an additional £3,000 of savings from tax should not be ignored!
Remember you can hold up to two ISAs each year. One cash ISA and one equity
ISA , which is used as a tax free wrapper for stocks and shares and fund investments.
Under the new rules and from the dates stated above, you can put up to £10,200 into an equity
ISA , minus the amount you have put in a cash ISA. The most you can put in a cash ISA is £5,100.
For further information see our
ISA page or
contact us.
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