Pensions provide a tax-efficient way of saving and investing for retirement and they could greatly improve your future life. By how much depends on what you are willing to pay in, the fees you are charged, and on how well the investments perform. We can help at every stage. Eriswell offers both managed personal pensions and Self- Invested Personal Pensions (SIPPs). Unlike SIPPs, managed personal pensions can benefit from full protection under the UK financial compensation scheme. SIPPs do however possess certain flexibilities and hence we offer both options. We will, where appropriate, reclaim a 25% credit from UK Revenue & Customs, meaning that every £100 you invest will automatically be turned into £125. Additional tax credits may be available for higher rate taxpayers.
Unlike an ISA or Personal Pension, there are no tax benefits from investing in a GIA. You will pay income tax and capital gains tax in accordance with your personal tax situation. For this reason, GIAs typically come into play if you wish to invest more than the annual £20,000 limit into an ISA account. They are flexible structures with no upper limit on how much you can invest, and you can add to or withdraw from your GIA whenever you wish. GIAs enable clients to hold a very broad range of investments right across the world, including some which may not be held within other wrappers, usually for tax reasons. You may choose to select your investments yourself including one or more of our 6 MPS (Managed Portfolio Service) strategies, each of which operates within a clearly defined framework to ensure it remains consistent with your investment expectations. Alternatively, you may ask us to manage your portfolio for you.
General Investment Account
A Lifetime ISA (LISA) can be used by people aged between 18 and 39 to put money aside and invest towards either a deposit for a first home or retirement. The maximum contribution is £4,000 per tax year and the UK Government will give you a 25% bonus up to a maximum of £1,000 per year. You can use your LISA to buy your first home worth up to a maximum value of £450,000. Or you can invest into it until you turn 50 and finally access it aged 60 or above. Withdrawals outside of these two cases will incur tax penalties.
Lifetime ISA
Cash and Stocks and Shares ISAs (Individual Savings Account) can broadly be thought of as tax-free savings and investment accounts. You can open a maximum of one of each per tax year. Maximum contributions are limited to £20,000 each per tax year and this can be split across all available ISA types. Unlike a pension, ISA investments are made with post-tax income, after which any capital gains, dividends, interest, or other returns are generally tax free. Stocks and shares ISAs allow you to invest into a range of products including stocks, shares, investment funds, government bonds, and corporate bonds. Unlike “Cash ISAs”, “Stocks and Shares ISAs” can carry significant investment risk.
Stocks and shares Junior ISAs and cash Junior ISAs (JISAs) work in largely the same way as adult ISAs and provide a tax efficient way to invest for your child/children’s future. A parent or guardian must open the account, but anyone can contribute into it subject to the maximum annual contribution limit of £9,000 per child. The named child can manage their own account from age 16 and can access the funds when they turn 18. Unlike adult ISAs, where it is possible to have multiple ISAs, you are only allowed to have one cash Junior ISA and one stock and shares Junior ISA per child.
Junior ISA
Finding the ‘tax wrappers’ that are right for you
There is a common misconception about the difference between a ‘tax wrapper’ and its underlying investments. A tax wrapper is a financial structure which individuals can wrap around their investments to shield them from some or all of the tax on them. The two most common tax wrappers in the UK are pensions and ISAs, and both offer significant tax benefits to almost everyone. The more you deposit into them – up to maximum allowances – the larger the rewards you will see. But remember, regardless of which wrappers you choose the performance of each investment within them remains exactly the same. Finally, the preferential tax treatment afforded by tax wrappers depends on your personal circumstances, applicable laws, and tax rules all of which are subject to change.
‘Cash’ and ‘Stocks & Shares’ ISAs
Personal Pensions & SIPPs
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Investment Risks: As always, before you decide to buy you need to understand the different options available to you, and the risks and commitments involved. You should take financial advice to understand which option would best suit your needs. Share prices may go down as well as up and you may not get back the original amount invested. Any information relating to past performance of an investment or investment service is not a guide to future performance.
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