Make the most of your £20,000 ISA allowance - GISA
Wed 14 Aug 2019
You may already be aware that the tax-free ISA allowance for 2019/20 is £20,000. Did you know that if you don’t use this allowance by 5 April 2020 then you lose it forever? As we are mid-way through the year why not review your finances and start planning for the future. Choose to invest early to maximise your saving growth potential.
Invest before 5 April 2020
Once you invest, your investment will retain its tax-efficient status for life, unless you withdraw it or the Government changes its rules. Remember, any unused allowance doesn’t roll over – so if you don’t use it, it’s gone forever.
Make the most of ISA transfers
Not happy with how your ISA is performing or want all your ISAs in one place? This is where ISA transfers come in. Most ISAs can be transferred to another provider, but remember to check if any fees or penalties apply before making the transfer. Never just withdraw the money from your current ISA to re-invest in another ISA account, as withdrawing rather than transferring means that you will lose the tax free element of your savings pot.
Stocks and Shares ISA
At a time where cash ISA rates are low, it may be worth you looking into a Stocks and Shares ISA. Generally speaking, Stocks and Shares ISAs have a higher growth potential, but with that comes the risk of uncertainty as your fund may go down as well as up. Stocks and Shares ISAs also generally have more restrictions on access than cash ISAs.
The Police Mutual Guaranteed ISA is a way of investing lump sums or regular amounts (or both) which offers the best of both worlds – protection for your money at five-year set points and higher growth potential. You can top up with a minimum payment of £1,000 or start regular payments from £40 per month.
If you access your money in our Guaranteed ISA at any time other than on the guarantee points, you’ll get back the current value – which may be less than you invested. The guarantee points are every five years.
The value of tax benefits depends on your individual circumstance and tax rates or legislation which could change in the future. The Guaranteed ISA is a stocks and shares ISA.
To top up call us on 01543 441 630.
Police Mutual Assurance Society Limited is an incorporated friendly society authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.
For your security, all telephone calls are recorded and may be monitored.
Type of article: Articles
Category: Saving my money
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