Stocks and Shares ISAs
Stocks and Shares ISAs
There used to be two types of stocks and shares ISAs, Maxi and Mini, and the one you picked depended on how much you wanted to invest, and whether you were looking at short or long term investment. A Maxi would allow investments of up to £7,000 and a Mini, investments of up to £4,000. On April 6 2008, this all changed. Whereas before there were three types of ISA - Mini Cash, Mini Stocks and Shares and Maxi - a combination of both cash and stocks and shares - there are now just two types:
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Stocks and Shares ISAs - Invest up to £7,200 per tax year
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Cash ISAs - Invest up to £3,600 per tax year
The new system has made investing money into Stocks and Shares ISAs a lot easier, as instead of having to decide before you opened your ISA account whether you were going to want to be able to invest your entire allowance into stocks and shares, in which case you would have to get a Maxi, or if you would just stick to the £4,000 limit of a Mini; you can pay in to both a Stocks and Shares ISA and a Cash ISA during the same tax year, provided that you do not exceed your tax free allowance of £7,200, and of that allowance, you do not put more than £3,600 into cash.
To compare a selection of Stocks and Shares ISAs, get your FREE ISA Brochures, or see the table below:
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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.