ISAs
Individual savings accounts (ISAs) were first introduced in 1999 and have been a popular vehicle for investing since, there are now four variations of ISA available
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Stocks and Shares ISA
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Cash ISA
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Innovative finance ISA
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Lifetime ISA
The maximum annual contribution to an adult ISA is £20,000. For Junior ISAs, the contribution limit is £9,000 per annum. Growth within an ISA is free of income tax and capital gains tax. There is no limit to the total amount that can be held in an ISA, and in most cases, withdrawals can be made without notice, unless specified by the provider. You can also consolidate ISAs held with different providers into one by completing an ISA transfer.
To open the above ISAs, you must be at least 18 years old. However, Junior ISAs are available for children, and 16-year-olds can open a Cash ISA.
I can help you with opening a stocks and shares ISA and recommend on investment to suit your objectives and financial risk approach.
Lifetime ISAs are designed to support building up a fund for a deposit for first time property buyers, the Life time ISA allows also to use the accumulated fund to provide an income in retirement.
You will incur a lifetime ISA government withdrawal charge (currently 25%) if you transfer the funds to a different ISA or withdraw the funds before age 60 and you may therefore get back less than you paid into a lifetime ISA.
The value of investments and the income they produce can go down as well as up and you may not get back the full amount that you originally invested.