Whether you are new to the world of ISA's or you have a portfolio of investments built up, the 2014/2015 tax year is set to open up more scope for ISA investment. As of July 1st the ISA limit is increasing from £11,880 to £15,000 and will be renamed as a New ISA (NISA). The reason for the name change is the Government's wish to reflect the significant limits and flexibility for investors.
The NISA will be more flexible in that with the new £15,000 allowance this can be either as cash, stocks and shares or any combination of the two. Under the NISA rules you will be able to transfer previous years ISA savings freely between stocks and shares and cash if you wish. From 1st July 2014, you will also be able to transfer amounts you hold in a Stocks and Shares NISA to a Cash NISA. This applies to amounts that you have paid in during previous tax years.
To help Contractors take advantage of an ISA for the new tax year, Contractor Financials have compiled some tips and advice on how to maximise your ISA.
Key points for Contractors to consider when making a NISA investment in 2014/2015:
Changes to allowances:
Tax on your NISA:
If you would like to speak to someone on the improved flexibility surrounding ISA's, please contact one of the Adviser's at ContractorFinancials, the Independent Financial Advisers for Contractors on 0208 090 0702 or email email@example.com. They are specialists in pension and investments advice tailored to your unique working status and can help you to make the most of the new opportunities surrounding pension investment, especially after the announcements made in the Spring Budget 2014.