There are various types of investment – some may be right for you and others won’t.
Ultimately it will depend on your tax position and on your risk tolerance both in terms of attitude towards risk and capacity for any loss in your investment. It is also vital to understand and plan for what you are trying to achieve with your investments. Think about why you want to invest and how long for, you might be looking for an investment to provide money for a specific purpose in the future, or you may want an investment to provide extra income now.
New Individual Savings Account (NISA)
A Stocks & Shares NISA (formerly known as an ISA) allows investors to put up to £15,240 in each year and invest in shares or funds which will be free from capital gains tax. For people with a NISA interest is income-tax free for savers, so they will not see their returns eaten by 20%, 40% or even 45% tax, therefore returns are tax efficient.
With so many saving options and providers to choose from it pays to shop around when choosing an investment or savings plan.
Speak to us today to simplify matters and get affordable independent advice