April 5 is the deadline for spending in an Individual Savings Account (ISA) – essentially a tax-free shelter which guards your money from dividend, income and capital gains tax.
Savers can induct up to £15,240 in an ISA in the current 2016/17 financial year, either in a cash ISA, arrays and shares ISA or a combination of both.
To help you make the most of your shekels, here are answers to some of the most common ISA question.
Can I move abiding shares into an ISA?
No. Existing share holdings can not be directly transferred into an ISA. Manner, there are some exceptions.
Shares that have been gain through a savings-related share option scheme, an approved employee profit-sharing organize, or an employee share ownership plan can be transferred into an ISA.
If you have interests that have not been bought through one of these schemes you pass on have to sell them, transfer the cash into an ISA and then buy the portions again. This is commonly known as ‘Bed and ISA’.
If you already have an ISA do you get two allowances each year?
What finds to my ISA if I go abroad?
If you decide to leave the country you can keep your existing ISA and your investments and savings desire still be eligible for tax relief.
You will not be allowed to put any more money or ancestries into your ISA, unless you or your spouse/civil partner are a Wreath employee working abroad.
If you move back to Britain, you will be adept to make contributions as usual.
What happens if I’ve paid too much into my ISA?