The NISA is here - don't miss out! The 2014 budget introduced the all new ISA. Yesterday it came into effect.
The NISA reflects a new simplified product, with increased subscription limits and greater investment flexibility (particularly around cash and stocks and shares).
If you are a doctor in Bristol and would like more information or indeed would like to take advantage of the new rules please get in touch.
The great thing is the increased limits on your tax free savings and it really is an opportunity not to be missed. Saving into a NISA can provide access and tax free roll up of returns as well as investment flexibility. With no tax when you withdraw your funds.
A NISA is a particularly useful tax free product for doctors who have substantial NHS pension plans and therefore are looking for other tax efficient savings vehicles.
The main points are:
- It is possible to hold £15,000 in cash, stocks and shares or any combination of the two - this means there is no restriction on the amount that can be held in cash as there was under the previous rules.
- For those doctors with children aged 16 and 17, they are eligible to hold a cash NISA in the same way as they could previously, and will now benefit from the increased £15,000 subscription limit. However they still cannot hold a stocks and shares NISA at this age.
- Any contributions you have made since 6th April 2014 will count towards the £15,000 limit - whether or not it will be possible to add to an account will wholly depend on the terms and conditions of that account. Get in touch for advice on what is available to you.
- Current year ISA savings must be transferred in full - so if contributions have been made since 6th April 2014 the whole amount must be transferred into a NISA. Doctors in this situation should get in touch to allow us to advise you on the best providers allowing full NISA flexibility.
- It is also possible to transfer previous years' ISA savings between stocks and shares and cash, in whole and in part. This was previously not permitted. Transfers can also be made as many times as required. Contact us in the first instance to arrange for the most tax efficient transfer.