Individual Savings Accounts (ISA) are tax exempt stocks, shares, cash and finance accounts whereby income – interest and dividends – is obtained is tax free. With ISAs, any capital gains tax on any capital growth are also exempt.
Investors have been using ISAs, Individual Savings Accounts, to buy, hold and sell investments within a tax-efficient wrapper. Typically, investors are expected to pay tax on any capital gains or income that are earned from the investment. However, with ISAs the tax is not an issue. Every tax year, there is a tax allowance issued for ISAs. For this year, 2018/2019, the allowance is currently at £20,000.
High Net Worth Individuals are those who have a salary of more than £100,000 per annum or savings of over £250,000.
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