Legal and General: Isas are tax efficient
www.moneynews.co.uk > Banking > Legal and General: Isas are tax efficient
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Money News |
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Legal and General: Isas are tax efficient
Fri 7th Dec 2007
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With capital gains tax set to be increased from ten per cent to 18 per cent in April by the government, Isas offer a money-saving advantage compared to alternatives because they are tax free, noted Adrian Boulding, wealth policy director at Legal and General.
Investors can make tax-free gains by placing interest from high-income unit trusts into an Isa product investing in stocks and shares, Mr Boulding said.
Equity held in an Isa also evades charges levied at higher-rate taxpayers, he added.
Many people wrongly believe that they will lose the tax-free benefits of their Isa if they switch their account provider during the fiscal year, Mr Boulding indicated.
In fact, Isas offer flexibility to the investor because tax benefits are only lost if the account holder withdraws their savings in cash, he commented.
"If you transfer the Isa by simply filling out a transfer form you can then take advantage of the best investment offer of the moment," Mr Boulding commented.
HM Revenue and Customs figures published last month revealed that around £208 billion worth of money was invested in Isas at that time.
Related News : Banking |
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Related News : Legal and General |
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