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Tax efficient savings worth a look

Apr - 29 - 2013

There has rarely been a time when financial planning has been more important. There have been a number of problems in recent years with the change from a growing economy and easy credit to recession, a bank rate that has left investors wondering where to turn and property values falling with varying predictions about how quickly they will recover.

Time for thought

At least the worst may be over and job security has returned. It is time for an appraisal of where you stand and whether there are changes that you need to make in your investments. There is little to be earned by depositing spare cash in the bank and investing in property. While there is a buyers’ market, it is still tricky because of the difficulty in identifying accurate valuations.


2yr fixed ISA; investment opportunities

It is worth getting advice if you are in the slightest doubt.  There are established companies that have weathered the storms of recent years. They are very reliable with experience and are excellent sources of information.

Features of an individual savings account

An Individual Savings Account (ISA) is one thing to look at. It is often both cash and share based; the former presents no risk. The latter is subject to the vagaries of the markets. There are a number of features that are worth listing:

  • The allowance in the current financial year is £11,280 with 50% of that figure the limit for a cash ISA. Anything extra has to go into stocks. This is a figure on an annual basis.
  • A Junior ISA has a limit of £3.600 per annum. It can run on behalf of children until they reach 18 years of age.
  • A husband and wife can double that figure
  • Available to everyone over 18 years of age
  • Tax benefits annually
  • No initial charge or withdrawal fees.

A 2 year fixed ISA sets the term for a particular investment. Some people may look to a longer period, particularly because of the risk involved with investment in shares. There is no guarantee when it comes to the performance of bonds and shares of course. But generally, bonds are much more of a secure investment especially if they are government owned.

Don’t take unnecessary risks

It is particularly important to use a reputable company because of the potential risks involved in investing in the stock markets. It is perhaps best to look for a company that provides options for you to consider. You may decide on a particular sector, perhaps a region of the world or your preference may well be mixtures of different investments to leverage the potential risk.

You will get a good idea of a company to use from the quality of its website. It should be informative and thorough pointing out all the features of each product but also the potential risks that are involved. There are good tax benefits available and experts should be able to provide the necessary assistance.

Image Credits Wikimedia Commons National War Savings Committee

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