personal finance

ISA allowance 2019 WARNING: Deadline DAYS away – Allowance not used will be LOST


Investors can save a total of £20,000 in ISAs per tax year, with the threshold for the current year due to reset on April 6. Under current rules, savers cannot have more than one cash ISA, more than one stocks and shares ISA, or more than one innovative finance ISA in the same tax year. They can however, split money between all three of these ISA types, as long as it does not go over the £20,000 threshold. But how can savers prepare for the deadline while making the most of the tax-free allowance?

Express.co.uk spoke to several ISA experts on their top tips for benefiting from an ISA account ahead of April 6.

Research from Santander shows almost half of customers (45 percent) do not realise cash ISAs allow them to save money without paying tax on the interest they receive.

While two thirds (65 per cent) are unaware they they can save up to £20,000 in a single tax-year.

A spokeswoman from Santander said it is important to research different accounts properly and to not lose track of the deadline, should a saver be looking to put money away into an ISA.

She said: “It’s important that customers understand their ISA and how to make the most of their tax-free savings, as anything unused from their 2018/2019 allowance will be lost at midnight on Friday 5 April.

The key is to do research and don’t miss the deadline.”

Louise Halliwell, senior savings manager at Yorkshire Building Society, advised customers to not rush into the first ISA they see.

If savers are wanting to invest before the deadline, Ms Halliwell suggests leaving plenty of time to open an account.

She said: “Time’s running out to make use of this year’s £20,000 ISA allowance.

“With billions of pounds expected to be deposited into ISAs this week as savers rush to beat the deadline, it’ll help to be prepared.

“There’ll be different restrictions or terms depending on the type of ISA you’re looking for, so make sure you choose one that suits your needs, and gives you a competitive rate of return.

“Ultimately, keep an eye on the time.

“To take advantage of this year’s tax-free allowance you’ll need to have opened an account in most branches by 5pm on 5 April, and online by midnight the same day, and that’s if everything goes smoothly with the application process.

“There may be some instances where your provider may need additional identification or requires you to complete official documents, so factoring time in for this could prove beneficial.”

Robbie Humphreys, senior product manager at Lending Works, suggested saving little and often is better than not at all, once you have found an ISA account that is right for you.

He said: “Our advice at Lending Works is always to save what you can when you can.

“The most successful savers set up standing orders to go into a savings pot each month.

“That way you won’t be tempted to skip a month.

“You won’t forget to save and most importantly if it goes out regularly you won’t miss it either.”



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