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ISA Changes Affecting You

October 2009 has introduced changes to the Individual Savings Account (ISA) regime which are the most significant since it's inception back in 1999. Ten years ago ISAs replaced PEP and TESSA plans and ever since they have been an extremely popular investment choice for millions of savers.

The changes mean that if you are aged 50 or over during this tax year, i.e. if your 50th birthday is before 5 April 2010, your ISA allowance increases from £7,200 to £10,200.

For everyone else, the increased allowance comes into effect in April 2010.

It is worth remembering why ISAs are just so popular.

➢ You pay no Capital Gains Tax on profits.
➢ No further Income Tax on income.
➢ You can withdraw your savings at any time, tax-free.
➢ Invest for income, growth or a bit of both.

The changes mean that even more savings can be sheltered under an ISA and for couples, of course, the benefit of the increase is doubled.

For those of you who have already benefited from the PEP or ISA approach, you can now consolidate all of your plans into one main ISA plan saving a deluge of paperwork and making it much easier to manage your savings using a focussed portfolio and to review your plans regularly.

The allowance is available each year but is lost if you don’t use it by 5 April, it can’t be rolled forward.

Deposit rates are very poor just now and we do not expect much of an increase any time soon.  It makes sense to protect what little interest you receive against tax and a Cash ISA (maximum £5,100 or £3,600 dependent on age) will do this.

If you are able to accept the risk we believe stockmarkets and fixed interest markets are attractive at the moment.  We feel you should consider investing in an ISA although, of course, there are no investment guarantees.

Please consult us for individual advice on whether an ISA plan or ISA consolidation plan is suitable for you.

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