Adviser Guides
Guide to Isas - part 2
If you don’t use your annual Isa allowance, you will lose it and miss out on a great opportunity to get tax free savings.
The second part of FTAdviser’s two-part Guide to Isas tackles moving cash between the savings vehicles, researching what deals are out there and what happens to the cash if the account holder dies.
Answers supplied by Peter Shipp, director of investment schemes for Tax Incentivised Savings Association (Tisa), the Investment Management Association, and Rachel Wylie, press and public affairs manager of the Building Societies Association (BSA).
IN THIS GUIDE
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Q: When can I invest in an Isa?
You can invest in an Isa at any point through the tax year.
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Q: Can cash be transferred between Isas?
You can transfer from cash Isas to stocks and shares Isas, but not the other way – from stocks and shares to cash.
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Q: What are the alternatives to an Isa?
There are quite a few.
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Q: How can I research what Isas are available?
Information is available from various sources, particularly websites, including HM Revenue & Customs.
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Q: Can money be withdrawn from an Isa?
You can usually withdraw your money at any time without losing any tax benefits accrued.
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Q: Can cash be transferred between Isas?
If you have money saved from a previous tax year you can transfer some or all of the money from a cash Isa to a stocks & shares Isa without this...
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Q: What happens to the Isa if I die?
Your Isa will end on the date of your death.