This is a Stocks and Shares ISA that allows you to invest in a tax-efficient way. There is no personal liability to pay tax on income or capital gains in the ISA and you don’t need to declare the income or gains on your tax return.
Maximum investment: For the 2021/22 tax year, the allowance for ISAs is £20,000. You can put up to this amount into a Cash ISA, Stocks and Shares ISA, Lifetime ISA or Innovative Finance ISA, or a combination of all four. Each individual has an ISA allowance, so if you are married or in a civil partnership, both you and your partner can make use of this tax-efficient way of investing.
Withdrawals: You are able to withdraw your investment, either by means of regular withdrawals, or on a one-off basis at any time.
Tax: Utilising your tax free ISA allowance is a must when investing to prevent tax from unnecessarily eating in to your potential returns.
An initial charge of up to 3% of your contribution will apply, which currently covers the cost of the advice you receive. Ongoing charges vary by fund, by whether you opt into the Ongoing Advice Service, and by time.
The Ongoing Charge Figure (OCF) found on fund Key Investor Information Documents (KIIDs) provides the most up to date information. KIIDs can be found on the Fund Prices section of our website.
For more information, contact your Wesleyan Financial Services Consultant, who can talk you through the key features of this product.