Related Topics
Request a Call Back
We will not use your details for marking purposes. Information is held on a secure server as required under the Data Protection Act 1998
ISAs
Individual Savings Account (ISA)
ISAs represent a tax-efficient container in which to place cash savings and investments in equities, bonds and collectives.
An ISA is available to all UK resident individuals and to Crown servants (for example, those in the UK’s armed forces, diplomatic service or overseas civil service) and their spouses or civil partners who are not resident in the UK.
To open an ISA you must be over the age of 16 for cash ISAs & over the age of 18 for stocks and shares ISAs and you cannot hold an ISA with or on behalf of someone else.
Designed to encourage new saving they are attractive to investors seeking a tax-efficient investment vehicle with the potential for higher returns. There is usually a low level of minimum subscription and no minimum period of investment.
An ISA enables you to accumulate savings in a tax efficient manner as all gains are free from tax, making them particularly attractive to higher rate taxpayers.
An ISA can contain cash deposits, investments in equities, bonds and collectives.
For the 2023/24 tax year, you can choose to pay in one of the following:
- £20,000 to a cash ISA and nothing to a stocks & shares ISA.
- £20,000 to a stocks and shares ISA and nothing to a cash ISA.
- A combination of amounts between a cash and a stocks & shares ISA, up to the overall annual limit of £20,000.
You can only open one cash ISA and one stocks and shares ISA to put new money into each tax year. But you can also open other ISAs to transfer old ISAs into.
For UK equities, you are deemed to pay 10% dividend tax credit in stocks and shares ISAs which cannot be claimed back.
Withdrawals from an ISA can be made at any time with all gains free from tax but it is only possible to hold one ISA per tax year, so if an ISA is closed within the same tax year that it was opened, another one cannot be started until the next tax year.
ISAs can be transferred from one provider to another, as long as the new provider accepts transfers. This is often done with a cash ISA after it has been held for a year as previously attractive interest rates drop dramatically when short-term bonuses and fixed terms come to an end. The transfer is initiated through the new, receiving, provider who will require you to supply details of the original account and will manage the whole transfer process. Transfers should not be done manually by withdrawing the investment, closing the account, and re-investing it in the new account, as this removes the tax-free interest status of your investment.
The current year's allowance is unaffected by anything transferred from previous years so you can transfer previous investment to a new ISA and open a second ISA for new contributions if you wish, as long as you don't contribute to both.
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS AND THE INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.
Other Areas of Expertise
Wealth Management
Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation and investment risks.
... Read moreTaxation
Taxation can be very complicated and the rules, reliefs and allowances often change, so it is worth obtaining a clear grasp of how these taxes work by discussing with a professional adviser
... Read morePensions
When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large inheritance
... Read more
Mortgages
Your mortgage is probably the largest financial transaction and commitment you are likely to undertake. Surely then you should seek mortgage advice which is individually tailored to your needs
... Read moreLife Assurance
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you.
... Read moreHealth Insurance
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious long-term financial implications for you and your family.
... Read more
Financial Planning
Professional Financial Planning is the process which aims to help you realise your ambitions - whatever they may be. As professional financial advisers we can help you make informed decisions
... Read more
London Stock Exchange
Value | Move | % |
FTSE 100 | ||
8218.39 | -19.341 | -0.235 |
FTSE 250 | ||
20706.06 | -2.309 | -0.011 |
FTSE 350 | ||
4534.73 | -9.31 | -0.205 |
FTSE All Shares | ||
4492.29 | -9.08 | -0.202 |
Dow Jones | ||
42454.12 | -57.879 | -0.136 |
Nasdaq | ||
18282.049 | -9.568 | -0.052 |
Stock Market data is sourced from Yahoo Finance Market Data and is refreshed every 15 minutes.
Information is not realtime.
Currencies
Value | Move | % |
0 | ||
1.194 | 0.001 | 0.085 |
GBP/NOK | ||
14.015 | 0.002 | 0.012 |
0 | ||
13.567 | 0.002 | 0.013 |
GBP/USD | ||
1.306 | 0 | 0.024 |
Currency Market data is sourced from Yahoo Finance Market Data and is refreshed every 15 minutes.
Information is not realtime.
Biggest Movers
Value | Move | % |
SEGRO | ||
795.6 | +52.4 | +7.05 |
easyJet | ||
477.8 | -18.1 | -3.65 |
Stock Market data is sourced from Yahoo Finance Market Data and is refreshed every 15 minutes.
Information is not realtime.
About Us
Based in Melton Mowbray, Mill Lane Asset Management is a trading style of Active Financial Partners Limited, which is part of the Harwood Wealth Management Group Ltd. The Group is based in Waterlooville, Hampshire and currently has more than 80 financial advisers who through regional offices provide financial planning and wealth management advice to retail investment clients, as well as...
Read MoreMelton Mowbray Office
Mill Lane Asset Management
20 Norman Way
Melton Mowbray
Leicestershire
LE13 1JE
Phone : 01664 483124
Email : Enquiries@MillLane.com
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Mill Lane Asset Management is a trading style of Active Financial Partners Limited which is authorised and regulated by the Financial Conduct Authority.
Registered in England No.04266233 ---- Registered & Head Office: 5 Lancer House, Hussar Court, Westside View, Waterlooville, Hampshire PO7 7SE.
Active Financial Partners Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 301860.