45
With the new tax year just
beginning and the last one
fresh in our minds, I thought
I would write this article
about ISAs as I often 昀nd
that these are overlooked.
ISA stands for Individual
Savings Account, which were
introduced on 6 April 1999,
replacing the earlier Personal
Equity Plans (PEPs) and
Tax-Exempt Special Savings
Accounts (TESSAs). PEPS
date back to 1987 so the
concept has been available
for many years.
Since the advent of ISAs
and their forerunners PEPs
in 1987, it would have been
possible to contribute over
£375,000*1 into these tax
ef昀cient mediums, by utilising
the maximum available
allowance each tax year.
We have seen individuals
who have built up large ISA
holdings, sheltering these
funds from tax.
Monetary Solutions Limited
Airport House,
Purley Way, Croydon
Surrey, CR0 0XZ
Tel No: 020 8760 9940
Fax No: 0870 460 1737
Website: www.monsols.co.uk
We also have to
remind individuals
to use the ISA
holdings they
have built
up as most
of the tax
bene昀ts are
only available
during their
lifetime,
although in most
cases a surviving
spouse or civil partner
can inherit the tax
bene昀ts of the deceased's
accumulated ISA through
an 'additional permitted
subscription' or APS.
When comparing interest
rates with Cash holdings the
interest rate is not the only
consideration, the type of
product also has to be taken
into account and this includes
Cash ISAs. On a number of
occasions recently I have
seen these forgotten. In fact
there are more than one
At Monetary Solutions Ltd, you can
book a free initial consultation about
any 昀nancial matters, so please call
us on 020 8760 9940.
___________________________
The information in this article is for
information only and must not be
considered as 昀nancial advice. We
always recommend that you seek
independentvivian@monsols.co.ukore
making any 昀nancial decisions.
020 8760 9940
vivian@monsols.co.uk
This is an advert
by Vivian Slattery of Monetary Solutions Ltd
Don't forget about ISAs
type of ISA, so if you wish to
gain further insight into these
and the different risks
involved, we offer a free
consultation, so why
not pick up the phone
today and book a free,
without obligation
consultation.
*1Charles Stanley, 26th Feb 202
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understanding of the UK tax
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