TIME TO TOP UP YOUR ISA?

If you’re planning to save into your ISA this tax year, don’t leave it too late and miss out on this great way to save tax-efficiently; remember you can’t carry any unused allowance over to the next tax year, so timing is important.

The ISA allowance for the 2019-20 tax year is a generous £20,000. If you’re thinking of saving tax-efficiently for a child, the Junior ISA (JISA) limit is £4,368 in 2019-20. A JISA is a tax-free savings scheme that enables parents to put money aside either into a cash or a stocks and shares account for their child’s future. On their 18th birthday, the child can access their savings.

If you have cash that you don’t need to access in the short term and would like to start using this year’s ISA allowance now, then don’t leave it too long, the clock is ticking.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.