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ISAs Explained

👉🏻 Looking for help with Financial Planning? I am an Independent Financial Adviser and director at SpenceFinancial. If you would like to find out more about working with us, please go to our website or socials: https://www.spencefinancial.co.uk/   / spencefinancial1     / spence.financial   What exactly is an ISA? In the UK, the Government allows individuals to save a certain amount each year, where the returns are not subject to tax. This is known as an Individual Savings Account or ISA for short. This can be split between cash and investments, with the investment portion known as a Stocks&Shares ISA. For the current tax year (2024/25) the annual limit is £20,000 per individual. If you were to contribute £20,000 this tax year on the 6th April this resets and you can contribute a further £20,000. So, what does this actually mean and does it really matter? Example one. Imagine you were to open a Stocks&Shares ISA today and contribute the full £20,000. Let’s say your investment performs really well, and you see a 10% annual return. If that return is compounded daily, by the end of the term, your investment would be worth just over £54,000. And here’s the best part, if you were to cash in this investment there is no tax to pay. Example two. If you made the same £20,000 investment outside of an ISA structure, in a general investment account, you’d still end up with the same £54,000. But, if you cashed it in, you’d have to pay tax on any growth above £3,000 for the current tax year. So, in this example, £31,000 of your gain would be subject to Capital Gains Tax. And if you're a higher-rate taxpayer, that tax amount is going to hurt. It’s currently 24% for those in the higher rate tax band, meaning you’d pay £7,440 in tax. This is why using an ISA to save and invest really does matter. And even more so over the long-term due to the compound effect on returns. RISK WARNINGS: This video is for information purposes and does not constitute financial advice, which should be based on your individual circumstances. Any rates of investment growth shown, are intended as a guide only, they are not guaranteed, nor are they intended to be either minimums or maximums. A pension is a long-term investment, the value of your investment and the income from it may go down as well as up. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation. The levels and bases of taxation, and reliefs from taxation, are subject to change and their value depends on the individual circumstances of the investor. Issued on behalf of SpenceFinancial Ltd. Spence Financial Ltd is an appointed representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 197107. ---------- CHAPTERS: 00:00 What is an ISA 00:22 Annual ISA limit for 2024/25 00:40 An ISA example 01:18 Taxable investment/savings example 02:13 Conclusion ---------- #financialplanning #financialadvice #personalfinance #moneymanagement #wealthbuilding #investsmart #financialgoals #moneytips #financialfreedom #financialliteracy #moneymatters #wealthmanagement #isas