ISA, ISA baby \u2013 <\/strong>Don\u2019t know what ISA stands for? Well, it doesn\u2019t matter. What does matter is that you are putting your savings away in one. Why? Because all the income earned or gains made from an ISA is tax free!<\/li>\n<\/ul>\nSaving rates for Cash ISAs may seem too low to be worth the bother but the great thing about ISAs is that you can keep contributing into them (subject to a maximum each year, which for 2013\/14 is \u00a35,760). So, no matter how big the pot gets any bonus or interest earned in an ISA continue to remain tax free. Junior ISAs are available too.<\/p>\n
\u200bDividends and gains from a stocks and shares ISAs are also free from tax, but always seek advice before investing in one. Although the amount you can invest is subject to an annual maximum (\u00a311,520 in 2013\/14 but reduced by any amount paid into a Cash ISA in the same tax year) anybody investing in the stock market should have one.<\/p>\n
\u200bNOTE: In the 2014 Budget it was announced that ISAs are set to become even better from 1 July 2014 when they become New ISAs (NISAs). The annual maximum investment in a NISA is \u00a315,000 and this can be invested in a Cash or Stocks and Shares NISA or a combination of both.<\/p>\n
\u200bFreebies part 3 next week.<\/p>\n","protected":false},"excerpt":{"rendered":"
The week has flown by and the excitement of the 2014 Budget has come and gone leaving us here at Goodman Jones with plenty of tax consequences and planning to appraise for the coming tax year. \u200bWith that in mind here are some things to consider before we start the tax cycle all over again:-[…] <\/p>\n