by admin on June 22, 2010
Welcome to our Individual Savings Account Guide, ISA Guide 2010. An Individual Savings Account (ISA) is not an investment itself. It is a wrapper surrounding your fund choice(s) that makes them more tax-efficient. When you make an investment in an ISA you pay no income or capital gains tax (CGT) on the returns you receive, no matter how much your investment grows or how much you take out over the years. You don’t even have to mention your ISA on your tax return.
An ISA is an ideal way to make the most of your tax-efficient savings limit and save for the future. The value of tax savings and eligibility to invest in an ISA will depend on individual circumstances and all tax rules may change in the future.
ISA GUIDE 2010
by admin on January 5, 2010
Closing date for ISA transfers: 15 January 2010
Extract from HMRC Rules:
Investors can transfer their ISAs from one manager to another whenever they want. They may transfer
- their current year ISA subscriptions (and any related income) and/or
- all or part of their previous years ISA subscriptions (and any related income).
If the ISA contains current year subscriptions only the entire ISA account must be transferred.
Subscriptions to a stocks and shares ISA can only be transferred to another stocks and shares ISA. However, subscriptions to a cash ISA can be transferred to another cash ISA, or to a stocks and shares ISA.
Where current year subscriptions are being transferred from a cash ISA to a stocks and shares ISA, the current year subscriptions are treated for all ISA purposes as if they had been made to the stocks and shares ISA. This means that the investor is regarded as never having subscribed to the cash ISA. Within the overall subscription limit, therefore the investor may subscribe to a cash ISA later in the current year (with the same or a different manager) without breaching the one-ISA-of-each-type-a-tax-year rule.