Pension contributions before the tax year end ‘could pay dividends to your future’ | Personal Finance | Finance


“Whether it be a Cash ISA for an emergency fund, a Lifetime ISA which could help you save for your first home, or maybe a Stocks & Shares ISA for slightly longer-term goals, there are various options to choose from.

“Remember, the £20,000 limit applies to the total amount saved across all of the ISA vehicles in this tax year.”

Make sure you pick the right ISA for you

As well as addressing ISA allowances, choosing the most suitable ISA for a person’s circumstances is another topic Ms Laidlaw addressed.

She said: “With different ISAs available, it is important to know which one is right for you if you are considering putting a significant sum away ahead of the new tax year.

“All offer the benefit of saving tax-free, meaning none of the money you put in less the total allowance of £20,000 will be deducted for tax reasons.

“However, when selecting between a cash ISA versus a Stocks & Shares ISA, consider whether it is a short or long-term goal you are saving towards.

“A Stocks & Shares ISA is more suitable for those looking to save longer-term, hoping to secure better returns for their money at a time when interest rates are at an all-time low.

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