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This article explains how Individual Savings Accounts (ISAs) can be used as a tax-efficient, flexible method for future planning.


Welcome to our Guide to Individual Savings Accounts (ISAs).

Investing in an Individual Savings Account (ISA) is a tax-efficient, flexible method for future planning. One of the most attractive features of an ISA is its tax benefits – it’s immune to both Income Tax and Capital Gains Tax on any growth within the fund or on income you withdraw.

This makes contributing to an ISA an intelligent decision for those looking to grow their wealth while minimising tax liabilities.

If you utilise your annual ISA allowance before the end of this tax year on 5 April 2024, it will be recovered and reset on 6 April.

Maximising your ISA allowance is crucial to reap the full benefits of this savings tool.

There are four types of ISA available for adults:

  1. Cash ISAs
  2. Stocks & Shares ISAs
  3. Lifetime ISAs
  4. Innovative Finance ISAs

The 2023/24 ISA allowance currently stands at £20,000.

You can split this allowance however you wish, so long as you don’t exceed it within the ‘only one ISA of each type’ subscription rule that applies in the current tax year.

For married couples, you can both use your ISA allowances, enabling you to put up to £40,000 in ISAs tax-efficiently between you.

You can also move your ISA to a new provider, or even a different type of ISA, is an option available to you at any time.

If you’re keen on leveraging your ISA allowance to amass your wealth tax efficiently, or if you’re considering a review of your current ISA plans, please get in touch with us sooner rather than later to take advantage of your 2023/24 ISA allowance.

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