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ISA Allowance 2013/14

Alistair Cunningham

In today’s Autumn Statement the Chancellor has announced an increase in the current ISA allowance from £11,280 by 2.1% to £11,520 per person per annum. This allowance could be used as a one-off contribution from the 6th April 2013, or by monthly equal instalments of £960.

Investment ISAs, to which the full allowance pertains, grow free of most UK income and capital gains taxes. Unlike pensions there is no tax relief on the way in, but no tax is due on encashment (apart from Inheritance Taxes on death).

Up to half of this allowance can be placed into cash ISAs with the balance being put in investments; typically equities or fixed interest stocks. Other investment types, for example some Property collective investments or commodity funds can also be held.

Offering exclusively fee-based advice, Wingate Financial Planning have already conducted due diligence on a range of investment funds, and are able to offer a one-off ‘transactional’ ISA for a fixed fee. We would bear the cost of an initial discussion to see if this service is suitable for you.

Contact the Author

Alistair, a founding director of Wingate Financial Planning, specialises in complex client cases, particularly owner-managed businesses, pensions, and retirement planning. He is a member of the Wingate Investment Committee and a Chartered Financial Planner, Fellow of the Personal Finance Society, and member of STEP and the Chartered Institute of Taxation.