Independent Wealth Management

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Increasing ISA Allowances

From 6th April 2017, the personal ISA allowance is increasing to £20000.

Over the years, the amount you can pay into an ISA has been steadily increasing, but this represents a significant increase and means that you now have an even better opportunity to accumulate tax efficient savings and investment.  For couples, the total amount is £40000.

Over the years, many people have been paying into ISAs and have accumulated very large fund values.  Unlike pensions, there is no lifetime limit on the amount that can be accumulated.  For those unable to make pension contributions or approaching their annual or lifetime limits for pension funds, this provides a great way to generate wealth.

ISAs for Retirement

During retirement, an accumulated ISA portfolio offers a very useful way to provide a tax efficient retirement income.  This could supplement your pension income if you have one.  Approaching retirement, growth funds can be switched to income yielding funds.  Unlike pension income, ISA income is currently, entirely free of income tax.

For more information on this and other tax efficient investments, please contact Barry Sears at Professional Wealthcare.

Please note:

This article is intended for guidance only and is not advice.

Remember, it is important that you seek a personal recommendation before choosing a plan that is suitable for your needs.

Investment returns may go down as well as up.

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Barry has been providing me with excellent financial advice since 2003. He has simplified and consolidated a number of pensions that I had started with various organisations through different employers over the years to one pension – making it much easier for me to have a clear view of my investments and know where I stand. I receive regular, easy to understand updates, with Barry providing the added value of explaining what it all means and offering advice on actions to take. Barry ensures that he keeps current with my financial and personal circumstances and is able to adapt and make excellent, informed recommendations quickly and clearly. I would highly recommend Barry and Professional Wealthcare for your financial management solutions. He is now responsible not only for the planning of my financial security, but also for that of my children.

Jill Wells