Mini Stocks and Shares ISA
Mini Stocks and Shares ISA
Mini Stocks and Shares ISA no longer exist - as of April 6 2008, they were automatically reclassified as simply Stocks and Shares ISAs. Individual Savings Accounts are a way of making investments without incurring income tax or capital gains tax on the investment or the interest. Many of the benefits and restrictions that used to surround Mini Stocks and Shares ISAs now apply to Stocks and Shares ISAs, but a few things have changed too:
- Mini Stocks and Shares ISAs used to have a fixed maximum deposit of £4,000 per tax year, Stocks and Shares ISAs have a higher allowance of £7,200 per tax year
- Withdrawals can be made at any time, but depending on the individual account, it could incur a loss of interest or tax implications
- A fixed-term ISA can have a better interest rate and therefore a higher return on your investment
ISA accounts vary from one provider to another, so to make sure you get the best deal for your requirements it is important to shop around.
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Please bear in mind that:
Investment ISAs are designed as medium to long term investments, for example at least five years.
The value of your investment and the level of any income received from it can fall as well as rise and is not guaranteed and you may not get back the amount of your original investment.
The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
If you choose an index-tracking trust which invests overseas, exchange rate variations may cause the value of your investment to increase or decrease.
If you unsure what Investment ISA plan is right for you speak to an independent investment adviser.