Making your savings grow and being able to retire when and how you want is one of your most important financial objectives. But achieving this goal takes planning and perseverance.
Throughout life, from childhood to retirement, circumstances and priorities change. At every stage it is important to make well-informed decisions to ensure that you and your family are following the best strategies for achieving your goals.
For many people their retirement plans have been devastated by the fall of the stock market in the first decade of the new millennium, reduction in property values and the fall in interest and annuity rates. What chance now of a 'comfortable retirement'?
Details of investment maximums for ISAs including the Junior ISA.
At one time, investing in buy-to-let properties was seen as a sure fire way to achieve long term growth. Some investors, deterred by the ups and downs of the stock market, invest in property.
An ISA is a tax-free investment vehicle. When you invest your savings, shares or life insurance, as well as all authorised retail investment schemes and UK Real Estate Investment Trusts into an ISA, your income and gains from the investments are free from income tax and capital gains tax.
These schemes provide considerable tax reliefs, although, as ever, professional advice must be sought before making investments that qualify for these reliefs.
When it comes to investing, there is more to life than ISA s, stocks and shares. Alternative investments have risen in popularity in recent times, especially those who have money to invest and do not wish to invest in the stock market or property, and those with an interest in collecting more tangible assets, such as antiques or works of art, could find that their investments yield higher returns that the stock market.
Including ISAs, pension contributions, Enterprise investment scheme (EIS), Seed enterprise investment scheme (SEID) and Venture Capital Trusts (VCTs).
Savings income (which includes all types of interest) paid net is taxed usually at source at 20%. Dividends on UK equities carry a (non repayable) tax credit of 10%. The intention is that only higher rate taxpayers should have to pay any additional tax, although 'starting rate' and non-taxpayers may be entitled to claim a tax refund.
Tax relief for re-investment of gains in qualifying schemes was introduced to stimulate investment in small businesses, and was incorporated into the Enterprise Investment Scheme (EIS), as EIS deferral relief.