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Investment ISAs Guide

Investment ISAs Overview

ISAs were introduced by the government in April 1999 as a replacement for PEPs and TESSAs. They were designed to encourage more people to save money.

There are two types of ISAs; Mini cash ISAs and Investment ISAs (also known as Maxi ISAs).

In this section we will give you an overview of Investment ISAs so that you can make an informed decision should you decide to set one up.

If you would like further information about Investment ISAs or help setting up or transferring one, please feel free to telephone us on 01489 505 186.

Tax Benefits of Investment ISAs

Having an Investment ISA enables you to invest up to £7,000 each tax year without paying tax on the money you make from that capital amount. In other words, Investment ISAs do not incur capital gains tax, or income tax and you don’t even need to mention Investment ISAs on tax returns. However do be aware that money from Investment ISAs form part of your estate for inheritance tax purposes.

Requirements for Investment ISAs

• You have to be at least 18 years old to be able to set up an Investment ISA.

• Investment ISAs are only available for UK residents

Who Can Provide Investment ISAs

Companies wanting to offer Investment ISAs need to have authorisation from the Inland Revenue to act as an ISA manager.

Examples of Investment ISAs Providers include banks and building societies and fund management companies.

Restrictions on Investment ISAs

You can only invest up to £7,000 each tax year in Investment ISAs. From 6th April 2006, this limit will reduce to £5,000.

With Investment ISAs you can choose to either invest your entire annual allowance in the stock market or you can save up to £3,000 in cash and put the balance into shares. If you saved a certain amount as cash, you would be allowed to receive the interest tax free.

The Equities Element of Investment ISAs

Holdings in Investment ISAs can include:

• Corporate bonds

• UK government gilts ( as long as they have five years to run at the time of purchase)

• Ordinary shares

• Preference shares and convertibles

• Managed collective investment funds

With Investment ISAs you can put your money in any investments listed on any recognised stock exchange in the world.

Investment ISAs Transfers

It is possible to transfer Investment ISAs to a fund where you think you would get a better return.

• If you are transferring money that has been invested in a previous tax year, you can do so either in whole or in part.

• When transferring money that you have invested this year, you need to transfer all of the money to your new Investment ISA.

U-Manage enables you to transfer you Maxi ISA onto the Fidelity Funds network platform so that you can:

We are able to transfer your ISA to the Fidelity Funds Network where you can:

• Choose from over 1,100 Investment ISAs funds

• Keep all your investments in one place so that you can see a complete and up to date picture of your portfolio at any time.

• Call up portfolio valuations and reports at the touch of a button

• Switch between funds and fund companies quickly and easily whenever you want to.

What Is Fidelity Funds Network

Fidelity Funds Network is the UK’s leading fund supermarket. It is used by over 296,000 investors and offers 1,100 funds from 54 leading fund companies.

How to Transfer Investment ISAs

Transferring Investment ISAs to Fidelity Funds Network is easy and straightforward.

Simply:

1. Click here to download an Investment ISA transfer application form

2. Complete the form and post it to the address at the top of it.

3. You will then receive a reference number and password so that you can access the Fidelity Funds Network site and choose which funds you want to invest in.

Setting up Investment ISAs

We can also help you set up Investment ISAs. Simply download and complete the form attached below or call us on 01489 505 186 for help.

Investment ISAs Application Form

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Copyright © 2005 Lawrence Clarke Limited (Pavilion 2, Little Park Farm Road, Segensworth, West, Fareham, Hampshire, PO15 5TD) an appointed representative of The Burns-Anderson Independent Network PLC, 27 Great George Street, Bristol BS1 5QT, which is authorised and regulated by the Financial Services Authority.

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