Time limited to make most of your tax-efficient savings
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 email@example.com www.cnfp.co.uk
Scott Herbert, partnertner and independent nancial adviser at Clarke Nicklin