Best Share Isa

What is a Stocks and Shares ISA?

History of ISA

ISA is shorthand for Individual savings account and they were introduced in the UK in Gordon Brown’s first budget in 1997. The ISA replaces the cash TESSA and PEPs for stock market investment. The levels for ISA’s were greatly reduced from the tax free saving levels for the TESSA. The ISA was roundly slammed by the investment industry at the time and it was expected that the take up would be low. This did not prove to be the case and the buoyant stock market in the late 1990′s led to a rush of investment. The 12 month period post launch of the product resulted in net stock-market ISA sales of £9 billion.

Types of ISA

There are currently two main types of ISA, cash ISAs and Stocks and Shares ISAs. The cash ISA allows the individual to save £5,340 in cash per year tax free. The cash ISA is fundamentally a saving account at heart. You received a fix rate of interest on you cash amount that you have invested. The different from a standard saving account is that the interest you receive is gross and interest free.

A stocks and shares ISA has an allowance of £10,680. This allowance can be made up of £5,340 in cash and the other £5,340 in stocks and shares or the £10,680 total can be invested in stocks and shares.

Stocks and Share Isa

The main difference between straight cash ISAs and a stocks and shares ISA is that a stocks and shares ISA is an investment and will not have a fixed rate of return.  The way in which a Stocks and Shares ISA provide payment can also differ. Some will pay out at regular intervals allowing the investor to receive an income from the investment. Other Stocks and Shares ISA’s only pay out any growth in the initial investment when you close the ISA and withdraw your money. Stocks and Shares ISA are exempt from capital gains tax as well as income tax, this makes them a very tax-efficient way to save.

Allowances for Stocks and Share ISAs

The current allowance for a Stocks and Shares ISA is £10,680 this was set in April 2011 and will remain the level until March 2012. The allowance will increase each year in line with the retail price index inflation. The current allowance has increased by £480 on the level for 2010. The allowance is for an individual so a couple could invest up to £21,360 a year tax free.

Advantages of Stocks and Share ISAs

A stocks and shares ISA is basically an Investment Fund were you buy stocks and shares. The advantages of a Stock And Shares ISA include the fact that you can invest twice as much as a standard cash ISA. You can invest at regular intervals through the year. You pay no income tax or capital gains tax on any profit that’s is made over the course of the year. ISA income doesn’t have to be included in your tax return as the income is tax free. The potential yield on Stocks and Shares ISA’s are higher than those of a fixed rate cash ISA.

Draw backs of Stock and Share ISAs

The major disadvantage of Stock and Shares ISA is that the investment can fall in value over time and not provide a good return on your initial investment. With a cash ISA you are guaranteed a set rate of return this is not possible with a Stocks and Shares ISA account. Any losses that you make on this type of ISA cannot be offset against tax. This is not the case for losses incurred in standard unit trust accounts. If you are only invested a small amount every year and are unlikely to reach your capital gains tax limit of £10,000 then it might be worth looking at other types of stock and shares investments.

Before you decide which type of ISA is best suited to your investment needs you should also seek advice from a professional.

About the Author

I am an online writer with interest in music, film, tv, children’s toys, IFA, child savings and recruitment.

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