Is it time to top up your ISA?
Are you planning to save into your ISA this tax year? If so, don’t procrastinate and miss out on this opportunity to save tax-efficiently. Remember, you can’t carry any unused allowance over to the next tax year, so timing is important.
The ISA allowance for the 2020-21 tax year is a generous £20,000. If you’re thinking of saving tax-efficiently for a child, the Junior ISA (JISA) limit has increased substantially to £9,000 in 2020-21. A JISA is a tax-free savings scheme that enables parents to put money aside either into a cash or a stocks and shares account for their child’s future. On their 18th birthday, the child can access their savings. JISAs are a great way of building up funds for your child.
If you have cash that you don’t need to access in the short term and would like to use this year’s ISA allowance, get in touch.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.