How you can have a NISA financial future:
You could be forgiven for thinking that the new rules surrounding NISA’S are so complicated that they would confuse even the brightest of minds!
The team at Clayton Holmes Naisbitt Financial Consultancy LLP in Leeds are delighted to bring you a quick rundown on why the new changes might not be as daunting as you first thought!
What’s the difference between an ISA and a NISA? Is that a silly question?
Not at all. NISA simply stands for New ISA. They’re tax-efficient accounts for your savings or investments, but with a few differences thrown in.
Are you sure it isn’t complicated? It sounds like it!
We believe it isn’t! The main change is that you are now allowed to save £15,000 tax-free in a cash NISA. Also, you can choose if you want to split the money between stocks and shares and a cash NISA (or not split it at all).
Sounds good. Which one shall I get? A cash NISA or a Stocks and Shares NISA?
Well that depends on your circumstances! It’s down to your attitude to risk as well as other factors and what takes into account your needs and aspirations. Our consultants can advise you on the most suitable options available.
Can I switch provider once I’ve set it up?
There’s nothing stopping you doing this for cash or stocks and shares NISA’S or vice versa – in fact this may be advantageous, especially for cash NISA’S, to make sure you get the most suitable rate for your money.
So can I set one up for someone else?
Unfortunately you can’t open an account on someone else’s behalf. You can set up a Junior ISA (JISA) though which allows you to save tax efficiently on behalf of a child. You can save or invest for them, or do a little bit of both.
For now, the following under-18’s are eligible for a JISA: Those born on or after 3 January 2011, and those born before September 2002.
If you would like to know more about the products mentioned and how they work please call us on 0113 3878240 for more details.