Tax Efficient Investing
What is an ISA?
An ISA isn’t an investment itself, it is a tax-free way to save or invest.
ISA Limits
Each tax year, you get an ISA allowance which sets the maximum you can save within the tax-free wrapper. For the 2024/25 tax year, you can save up to a maximum of £20,000. Crucially, any unused allowance doesn’t roll over.
It is worth noting that tax rules can change, and the value of any benefits depends on your personal circumstances.
Junior ISAs
A Junior ISA (JISA) is a tax-free childrens’ savings account. The account offers parents, relatives and guardians a tax-free way to save for their children’s future. The account is held in the child’s name but is opened and managed by the parent, relative or guardian. Whilst a JISA can be transferred between providers in the same way as an ISA, it is important to note one key difference that, once invested, no funds whatsoever can be withdrawn from the JISA until the child assumes control, once they have turned 18. The Junior ISA contribution limit this tax year, 2024/25, is £9,000 or £750 per month. If your child currently has a Child Trust Fund (CTF), they are not eligible to also open a JISA. However, anyone with a CTF account can now transfer it to a JISA. It is worth noting that tax rules can change, and the value of any benefits depends on your personal circumstances.
Can you Invest in an ISA Directly with Slater Investments?
Yes, you can. Slater Investments, as an ISA manager, can hold and look after your Stocks & Shares ISA. It is important to note, however, that you can only invest in one Stocks & Shares ISA per tax year. If you have already opened a Stocks & Shares ISA this tax year, you can either transfer your Stocks & Shares ISA to Slater or wait until the following tax year.
We do not operate cash ISAs.