Time limited to make most of your tax-ef­fi­cient sav­ings

Stockport Times East - - FINANCIAL PLANNING -

WEL­COME to the col­umn by Clarke Nick­lin, ac­coun­tants and fi­nan­cial ad­vis­ers based in Stock­port.

Scott Her­bert, part­ner and in­de­pen­dent ad­viser, an­swers cru­cial ques­tions on re­tire­ment... IF you are keen to take ad­van­tage of the New In­di­vid­ual Sav­ings Ac­count (NISA) al­lowance, now in­creased to £15,000, and make the most of your tax-ef­fi­cient sav­ings, time is limited.

You have un­til April 5 to utilise your 2014/15 NISA al­lowance, af­ter which it will be lost for­ever.

In his 2014 Bud­get speech Chan­cel­lor Ge­orge Os­borne an­nounced, from July 1 last year ISAs would be re­formed into a much sim­pler prod­uct, the NISA. Fur­ther­more, all ex­ist­ing ISAs would be au­to­mat­i­cally con­verted to a NISA.

From July 1, the over­all sub­scrip­tion limit set by the gov­ern­ment for 2014/15 in­creased from £11,880 to £15,000. It is now pos­si­ble for new sub­scrip­tions to be split in any pro­por­tion be­tween a new Cash NISA and new Stocks & Shares NISA.

There­fore, you now have more choice about where to put your money: in­vest it all in a Cash NISA, split it how­ever you want be­tween a Cash NISA and Stocks & Shares NISA, or in­vest the full sub­scrip­tion al­lowance in a Stocks & Shares NISA.

Want to shel­ter £15,000 from tax, or £30,000 com­bined with your spouse/reg­is­tered civil part­ner?

To find out more about where you can in­vest in your tax-ef­fi­cient NISA, please con­tact us prior to late March 2015.

In­for­ma­tion is based on our cur­rent un­der­stand­ing of Tax Leg­is­la­tion and Reg­u­la­tions. Any lev­els and bases and re­liefs from tax­a­tion are sub­ject to change.

The value of in­vest­ments and in­come from them may go down. You may not get back the orig­i­nal amount in­vested.

Clarke Nick­lin fi­nan­cial plan­ning is a trad­ing name of CNFP LLP. CNFP LLP is a Ltd Li­a­bil­ity Part­ner­ship reg­is­tered in Eng­land and Wales No.OC324909. CNFP LLP is an ap­pointed rep­re­sen­ta­tive of Light­house Ad­vi­sory Ser­vices Ltd which is au­tho­rised and reg­u­lated by the FCA. 0161 495 4700 en­quiries@cnfp.co.uk www.cnfp.co.uk

Scott Her­bert, part­nert­ner and in­de­pen­dent nan­cial ad­viser at Clarke Nick­lin

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