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Ellacotts Wealth Planning Newsletter March/April 2020

06 Mar 2020

Ellacotts Wealth Planning Newsletter January/February 2020

13 Jan 2020

Ellacotts Wealth Planning Newsletter November/December 2019

06 Nov 2019

Ellacotts Wealth Planning Newsletter July/August 2019

08 Jul 2019

Related news

Tax-efficient children’s savings

Tax-efficient children’s savings

Rather than buying yet more toys for your children or grandchildren, why not consider setting up a tax-efficient Junior ISA for them?

Everything you need to know about ISAs

Everything you need to know about ISAs

We’ve answered some typical questions we get asked about how to best use the ISA allowance to help make the most of the opportunities as this tax year draws to a close.

Wealth management

Planning your finances for the future can be one of those things that is easy to put off. Our specialist Ellacotts Wealth Planning team take away the hassle and deliver tailored financial planning to suit you and your family.

Whether you are looking to discuss investments, pensions, retirement options, life and illness insurance, tax advice or matters related to a business, our wealth managment team can help.

Tax-efficient saving and investing

Our Independent Financial Adviser, Chris Slatter, can help you to manage your wealth and show you tax-efficient ways to save and invest including:

Individual Savings Accounts (ISAs) allow you to save up to £20,000 a year across different types of ISA. Savings and investments are free from Income Tax and Capital Gains Tax.

Junior Individual Savings Accounts (JISAs) allow you to save for your children’s or grandchildren’s first car or for a deposit on their first house. Find out more about Junior ISAs and children’s savings here.

General Investment Accounts (GIA) have similar investments to stocks and shares ISAs but there are no annual investment limits. However, gains on investments are potentially liable to Capital Gains Tax and Income tax is due on dividends and interest.

Investment bonds are life insurance policies that aim to provide capital growth or tax-efficient income. You can withdraw up to 5% a year (minus any charges) tax-free. When you cash the bond in, non or basic rate taxpayers don’t have any tax to pay. Higher rate taxpayers are liable to 20% tax on any gains made.

Pensions and Retirement Planning

Pensions are one of the most tax efficient investments available as you get tax relief on your contributions at your highest marginal rate. Up to 25% of your fund is available as a tax free lump sum when you retire. You can pass on your fund tax-free if you die before you are 75.

We can help you with your pension and retirement planning.

Do you need help with your savings and investments?

Investing in companies

There are 3 tax-efficient ways to invest in companies:

Venture Capital Trusts (VCTs) are high-risk investments offering attractive tax reliefs for investing. You can invest up to £200,000 a tax year but you need to keep the shares for 5 years to get the maximum tax reliefs.

Dividends are tax-free and can either be taken as income or reinvested into the VCT.  There is no Capital Gains Tax due when you dispose of the shares.

Enterprise Investment Schemes (EIS) are similar in structure and risk to VCTs but you only need to hold the investment for 3 years to retain the tax breaks.

The maximum annual investment £1,000,000, with the option to carry an investment back into the previous year.

Investments are exempt from Inheritance Tax after 2 years, as long as the investment is held at death.

The Seed Enterprise Investment Scheme (SEIS) offers tax-efficient benefits to investors in return for investment in small and early stage startup businesses in the UK.

You can invest a maximum of £100,000 each tax year, which can be spread over a number of companies.

Up to 50% tax relief is available in the tax year the investment is made. The investment must be held for 3 years to fully qualify for the tax reliefs.

Speak to us about devising a saving and investment strategy that works for you.

Speak to a wealth management expert

chris-slatter

Chris Slatter

Independent Financial Adviser

Banbury

We can also help you with

Personal tax planning

We will help you complete your tax return and minimise your personal tax liabilities by planning income and gains.

Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales under company number 07801188.

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