As of 6 April 2016, this year’s ISA allowance is £15,240 and from 6 April 2017 the ISA allowance is increasing to £20,000. The allowance applies per person per tax year. Couples in a position to use their ISA allowance now and this time next year can therefore put up to £70,480 in ISAs in the next twelve months. This presents the opportunity to build, or considerably add to, a significant tax-efficient portfolio.
ISAs are a tax shelter: once within an ISA there is no further income tax and no capital gains tax to pay on your savings and investments. ISA contributions can be made from money currently held as cash, or existing investments can be sold and the money reinvested within an ISA (watch out for any tax consequences or charges when selling). Any money in ISAs from previous years can also be transferred to your current ISA to consolidate your savings and create an easy to manage portfolio.
If this sounds exciting but perhaps beyond your experience of investing or something you would struggle to find time to arrange, we provide independent financial advice specifically tailored for Bristol-based doctors and medical professionals. We are Chartered Financial Planners and NHS Pension specialists and take a holistic approach to financial planning. When you become a client there is no initial fee and financial planning advice (including NHS Pension planning) is included in the service alongside investment advice for your ISAs.
As local advisers, once your portfolio is set up we will arrange to review your investments and your overall financial planning position with you in person regularly. We can also arrange for your investments to be professionally managed on your behalf.
Please contact Richard Higgs CFP FPFS on 0117 966 5699 or firstname.lastname@example.org for more information or to arrange a meeting.