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Money Confidence – ISAs
On this episode of the Money Confidence podcast, Sarah and Georgia talk about ISAs (Individual Savings Accounts) which are tax free ways of saving money.
KEY TAKEAWAYS
There are different types of ISAs: Cash ISAs and Stocks and Shares ISAs are the most common, and the ones we're talking about on this episode, but there are also Lifetime ISAs, which we'll talk about on another episode as well as Innovative Finance ISAs, which uses peer to peer lending and isn't covered by the Financial Compensation Scheme, so we're not going to talk about that one. There are also Junior ISAs (both Cash and Stocks and Shares) which have a cap of £9,000 per tax year (2022/23) and these can be accessed by the child on their 18th birthday.
Stocks and Shares ISAs can be invested in lots of different things: bonds, stocks and shares, funds, and some are riskier than others so you should really seek financial advice when it comes to investing – performance can go down as well as up.
BEST MOMENTS
‘The maximum you can put into an ISA in this tax year (2022/23) between the 6th April and 5th April the following year, is £20,000. This is the maximum across all of your ISAs.'
‘ISAs cannot be held in joint names or in trust.'
‘You have to be aged 16 or over and be resident in the UK to open an ISA, if you change residency you can no longer contribute to your ISA.'
‘ISAs are within your estate for Inheritance Tax purposes and, unlike pension contributions, you don't get Tax Relief on contributions into an ISA.'
ABOUT THE HOSTS
Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!
The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.
CONTACT METHOD
W: https://www.thegoodmoneycoach.com
IG: https://www.instagram.com/sarah_talks_money/
LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/
Hosted on Acast. See acast.com/privacy for more information.
View all episodes
By Sarah Blyth and Georgia LeggOn this episode of the Money Confidence podcast, Sarah and Georgia talk about ISAs (Individual Savings Accounts) which are tax free ways of saving money.
KEY TAKEAWAYS
There are different types of ISAs: Cash ISAs and Stocks and Shares ISAs are the most common, and the ones we're talking about on this episode, but there are also Lifetime ISAs, which we'll talk about on another episode as well as Innovative Finance ISAs, which uses peer to peer lending and isn't covered by the Financial Compensation Scheme, so we're not going to talk about that one. There are also Junior ISAs (both Cash and Stocks and Shares) which have a cap of £9,000 per tax year (2022/23) and these can be accessed by the child on their 18th birthday.
Stocks and Shares ISAs can be invested in lots of different things: bonds, stocks and shares, funds, and some are riskier than others so you should really seek financial advice when it comes to investing – performance can go down as well as up.
BEST MOMENTS
‘The maximum you can put into an ISA in this tax year (2022/23) between the 6th April and 5th April the following year, is £20,000. This is the maximum across all of your ISAs.'
‘ISAs cannot be held in joint names or in trust.'
‘You have to be aged 16 or over and be resident in the UK to open an ISA, if you change residency you can no longer contribute to your ISA.'
‘ISAs are within your estate for Inheritance Tax purposes and, unlike pension contributions, you don't get Tax Relief on contributions into an ISA.'
ABOUT THE HOSTS
Sarah is a Chartered Financial Adviser and Certified Financial Coach and Georgia is a Senior Paraplanner. Together, they have over 20 years experience in financial services and are on a mission to educate others about money in a fun and non-jargon way. They will help you master your finances and money mindset so that you feel more confident with money and the decisions you make around money. They talk all things money from investments, pensions and benefits to your mindset around money and steps you can take to improve your relationship with money. They aim to make it fun, educational and are with you every step of the way. Together, you've got this!
The information given in this podcast is for your entertainment and should not be construed as financial advice. No liability can be accepted for any individuals relying on this information without seeking specific advice and guidance. As always, take independent financial advice before making any investment decisions. Our discussions are based on tax and legislation in England which may change.
CONTACT METHOD
W: https://www.thegoodmoneycoach.com
IG: https://www.instagram.com/sarah_talks_money/
LI: https://www.linkedin.com/in/sarah-blyth-chartered-financial-planner-and-coach/
Hosted on Acast. See acast.com/privacy for more information.