Obviously should. Particularly as the Starmer bunch of thieves are going to vastly increase taxes on any taxed savings ! And they could well also reduce or even stop future ISA savings.
Thanks Andy, informative as always. I have a question - is the lifetime ISA property price capped at £450k for a couple? I'm married and would like to buy in London with my wife for a bit more than that, do you think it is possible?
If this year I open a cash ISA with £20,000 and it earns interest and grows to £20,500. But then I find a better rate ISA and want to transfer it. Can I transfer it all? Or just the £20,000 you are aloud a year? Hope that question makes sense - Thanks you. ☺️
It is hard to know what to do but I've just put some in that Virgin Money ISA just to keep it tax free really. Those drops in capital gains tax and the shares dividend tax are so frustrating. They are just eroding all of our options to make money. Yet again it's all 'rigged' for the rich and the rest of us get taxed to death.
So we are currently living off savings and the 9th income we have is a small pension which is below the lower tax rate, we are below the state pensionable age, am I current in thinking that I can therefore use those savings and earn more than the £1000 in interest I think you said upto £5000 before paying tax on the interest earn’t?
Do we know how many “ordinary people” who have taken out share schemes with their employers such as Tesco will be hit by the change in the Dividend Allowance?? I have never had even to think about it before.
Also fast-disappearing CGT allowance: only £3000 this new tax year. This will hit millions of unsuspecting people in all kinds of circumstances over the next 10 years or so. An obvious example is money from an inheritance, invested without understanding the fiscal picture. But anything gaining in value which is not your principal home and not in a tax shelter (ISA or pension) will be caught. CGT used to be something that only very rich people ever paid. Not any more.
I think your Stocks and Shares ISA information is incorrect. Any shares held within the S&S ISA tax wrapper are entirely free from tax, whether that be capital gains or dividends. The information you're saying applies only to general investment accounts, but not to ISAs.
You’re correct. Capital gains and dividends held within an ISA are not taxable. They are not however completely tax free as you have to pay stamp duty reserve tax on the purchase of stocks
I have one question, currently have an ISA that matures on 1/5/24.looking to open another ISA and transfer the old one over too, how ever do I have to wait before I start another one or can I start it and give a date for transfer of the old one on a certain date. Thanks in advance.
My wife qualifies for this. She earns £12300 so under the £12750 threshold. She can earn £5000 in interest tax fee if she had any savings which she dosent. So I give her my money instead as I’m a higher earner. Only trouble is if she leaves me she’s got my money.lol😂
Not 100% sure, but I think in the recent budget they changed the rules so you can have as many ISA's as you want (but keep in mind you still have the 20k limit)
you can open a new one , and transferer the old one after it matures otherwise you will get penalised, but you can email the provider they will tell you how much.
Open a new one that allows “transfers in” put in up to 20k this tax year, when the old ones fixed term matures request that the isa is transferred to your new one, don’t cash out the old one (transfer it to a non isa account)
Cash ISA? Oh please, is that still a thing? Just bought £20k of IE0003WV2ME7 (S&P500 equal-weight tracker) for my ISA. Premium Bonds: the vast majority of the big prizes are won by rich people who have put the max £50k in as an "emergency fund". This doesn't reduce your probability of winning a big one, but the chances are pitifully small. He didn't mention gilts. Short-term gilts are not subject to CGT. Short-term gilts are a distinctly attractive option now CGT is going to become a horrible fiscal reality for millions. Specially as the yield curve is currently "inverted" (i.e. higher rates for shorter terms). To clarify, if you go for a low-yield (i.e. low-interest) 2-year gilt, all the growth will be in a (totally predictable) capital growth. So hardly any income subject to income tax, and all the capital growth (95% of the growth) is exempt from CGT.
If you're married, use your spouses ISA allowance as well if your spouse it not using it.
@motorhomingmadness5225 my wife is richer than me, can I still have an isa?
@@doriangray6985 Anyone can have an ISA.
So far the easy access ISA rates are looking awful. They have been savagely cut. (except for the 4 apps)
Rates seems poor was expecting better tbh especially 5 years makes me think they're predicting big rate drops
Obviously should.
Particularly as the Starmer bunch of thieves are going to vastly increase taxes on any taxed savings !
And they could well also reduce or even stop future ISA savings.
Everyone should have a stocks and shares isa to built long term wealth
Thanks Andy, informative as always. I have a question - is the lifetime ISA property price capped at £450k for a couple? I'm married and would like to buy in London with my wife for a bit more than that, do you think it is possible?
Absolute best
If this year I open a cash ISA with £20,000 and it earns interest and grows to £20,500. But then I find a better rate ISA and want to transfer it. Can I transfer it all? Or just the £20,000 you are aloud a year? Hope that question makes sense - Thanks you. ☺️
Interest doesn't matter your good to go.
@@dr.eyeball.3121 thank you 🙏
Cash ISAs are pointless imo (compared with S&S ones)
It is hard to know what to do but I've just put some in that Virgin Money ISA just to keep it tax free really. Those drops in capital gains tax and the shares dividend tax are so frustrating. They are just eroding all of our options to make money. Yet again it's all 'rigged' for the rich and the rest of us get taxed to death.
Absolutely 😡
Politicians will always look after themselves and their friends 😢
united trust bank may have better long fixes on cash isa.
So we are currently living off savings and the 9th income we have is a small pension which is below the lower tax rate, we are below the state pensionable age, am I current in thinking that I can therefore use those savings and earn more than the £1000 in interest I think you said upto £5000 before paying tax on the interest earn’t?
Thanks for that I will be transferring into the new one so think I will have to close original one
Do we know how many “ordinary people” who have taken out share schemes with their employers such as Tesco will be hit by the change in the Dividend Allowance?? I have never had even to think about it before.
Also fast-disappearing CGT allowance: only £3000 this new tax year. This will hit millions of unsuspecting people in all kinds of circumstances over the next 10 years or so. An obvious example is money from an inheritance, invested without understanding the fiscal picture. But anything gaining in value which is not your principal home and not in a tax shelter (ISA or pension) will be caught. CGT used to be something that only very rich people ever paid. Not any more.
I think your Stocks and Shares ISA information is incorrect. Any shares held within the S&S ISA tax wrapper are entirely free from tax, whether that be capital gains or dividends. The information you're saying applies only to general investment accounts, but not to ISAs.
You’re correct. Capital gains and dividends held within an ISA are not taxable. They are not however completely tax free as you have to pay stamp duty reserve tax on the purchase of stocks
Can stocks n shares ISA be used to trade options and futures?
I have one question, currently have an ISA that matures on 1/5/24.looking to open another ISA and transfer the old one over too, how ever do I have to wait before I start another one or can I start it and give a date for transfer of the old one on a certain date. Thanks in advance.
Can a stocks n shares isa be used to trade options and futures?
Great channel ✨
Up To £5,000 tax free on interest if low earner or retired ???
more info please
My wife qualifies for this. She earns £12300 so under the £12750 threshold. She can earn £5000 in interest tax fee if she had any savings which she dosent. So I give her my money instead as I’m a higher earner. Only trouble is if she leaves me she’s got my money.lol😂
I currently have a fixed term isa that Matures as end of this month, will I get Penalised if I open I new isa with better rate now
Not 100% sure, but I think in the recent budget they changed the rules so you can have as many ISA's as you want (but keep in mind you still have the 20k limit)
you can open a new one , and transferer the old one after it matures otherwise you will get penalised, but you can email the provider they will tell you how much.
Open a new one that allows “transfers in” put in up to 20k this tax year, when the old ones fixed term matures request that the isa is transferred to your new one, don’t cash out the old one (transfer it to a non isa account)
@@edc1569sound advice 👊
Going an ISA equity route is a longer term commitment, this video is poor in my opinion.
Cash ISA? Oh please, is that still a thing? Just bought £20k of IE0003WV2ME7 (S&P500 equal-weight tracker) for my ISA. Premium Bonds: the vast majority of the big prizes are won by rich people who have put the max £50k in as an "emergency fund". This doesn't reduce your probability of winning a big one, but the chances are pitifully small. He didn't mention gilts. Short-term gilts are not subject to CGT. Short-term gilts are a distinctly attractive option now CGT is going to become a horrible fiscal reality for millions. Specially as the yield curve is currently "inverted" (i.e. higher rates for shorter terms). To clarify, if you go for a low-yield (i.e. low-interest) 2-year gilt, all the growth will be in a (totally predictable) capital growth. So hardly any income subject to income tax, and all the capital growth (95% of the growth) is exempt from CGT.
What a load of rubbish. You do realise gilts are subject to income tax right? Which will be higher than CGT if you have a job
@@neoninja9352 You don't seem very financially literate. A low-yield short-term gilt will produce virtually nil income. That's the whole point.
Is that the vanguard VUSA accumulating fund
I did some research and it's ticker is IPSE. Looks like a good one for my ISA
👍
Stop talking boll9x
Good video but when are you updating your 24/25 cash isa recommendations especially flexible one please? @becleverwithyourcash