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January 2015 - Even nicer ISAs
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NISAs and PEPs

NISAs
The New Individual Savings Accounts (NISAs) are simple, flexible, tax-efficient savings plans.

Following the announcements made in the Budget 2014, changes to ISAs were implemented in July 2014, which have resulted in both simplifying these products, but more importantly, significantly increasing the amount that can invested into these tax efficient savings vehicles.

NISAs benefit from tax-efficient growth and are not subject to income or capital gains tax on encashment. There is no need to declare your NISA on your tax return.

NISA Maximum Contribution Limits
The current NISA maximum contribution limits are £15240 with the following options:

  • Cash NISA £15,240
  • Stocks and Shares NISA £15,2400
  • Combination of one of each £15,240 (total)

Anyone who is a UK tax resident over 18 can open a NISA and the age is reduced to 16 for cash NISAs.

The Stocks and Shares component of a NISA can be invested into trusts, OEICs (Open Ended Investment Company’s), investment trusts or directly into equities, gilts or corporate bonds.

If you have available cash in a bank or building society account, it may be advantageous to place some of this money into a NISA, as deposit accounts are normally taxed at the highest rate you pay.

Personal Equity Plans (PEPs)

PEPs were abolished in April 1999 and so you can no longer invest new money into these plans. However, existing PEPs can be transferred into NISAs.

It is worth maintaining PEP investments as they offer similar benefits to a NISA. If you already have money invested in a PEP, you can leave it where it is, or switch to another provider. We can review your existing holdings to ensure your investment achieves maximum growth.


 

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