Geoffrey Settle Posted January 19, 2009 Report Share Posted January 19, 2009 With the Tories in the shape of David Mawat and Paul Kennedy trying to claim to take the initiative on tax free savings on the front page of WWW last week. I'd ask them 'Where have they been since April 1999, have they forgotten about Tax Free ISAs?'. Everyone regardless of wealth or income has until the end of March to take advantage of the current financial year's Tax Free saving opportunity. They don't need to have ?36,000 to do so! Everyone has until the end of March to put away this year's investment allowance of anything from a couple of pounds to ?3,600. It has guaranteed protection of the Government.. In April they can save up to another ?3,600. http://www.moneysupermarket.com/c/savings/isas/guide/ Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted January 19, 2009 Report Share Posted January 19, 2009 No not forgotten Geoffrey, it wasn't part of the discussion. With regards to "guaranteed by the government" (taxpayer ), I'd be careful making that claim, technically it would depend on who the investment was with and what other savings you had with them. PS It's Mowat. Quote Link to comment Share on other sites More sharing options...
Dizzy Posted January 19, 2009 Report Share Posted January 19, 2009 Thanks for the reminder Geoff.... Quote Link to comment Share on other sites More sharing options...
observer Posted January 19, 2009 Report Share Posted January 19, 2009 Errm Geoff, gullible as ever - tax free maybe - but not free from the current antics of the stock exchange - which has seen a 20% drop in value. Quote Link to comment Share on other sites More sharing options...
Dizzy Posted January 19, 2009 Report Share Posted January 19, 2009 Doesn't it depend on what sort of ISA you have ? Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted January 19, 2009 Report Share Posted January 19, 2009 Yes, cash or shares. The advantage with shares in an ISA is that if you can guess on a share that is going to rise substantially, the profit is tax free. An example would be ?3,600 invested late last November in Taylor Wimpey, and sold early last week would have returned a tax free profit of about ?20,000. But as they say...the value of shares can go down as well as up. Quote Link to comment Share on other sites More sharing options...
observer Posted January 23, 2009 Report Share Posted January 23, 2009 Isn't a "cash" ISA merely a tax free savings account. with interest rates now down to 1.5%?! Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted January 23, 2009 Report Share Posted January 23, 2009 Yes...but you can get a bit more than 1.5% if you shop around. I see NS & I have just slashed their saving rates, strange really as the Government needs to borrow more money. http://www.thisismoney.co.uk/saving-and-banking/best-savings-rate/article.html?in_article_id=394169&in_page_id=50 Quote Link to comment Share on other sites More sharing options...
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