As a client of Lyndhurst who is over 50 you should have now received a letter advising you of the changes to the ISA allowance that came into effect on 06/10/09. If you have not received a letter and you think you should have please contact client support on 01582 715777.
In summary the change means that the 21 million people in the UK who will be aged 50 or over by 5 April 2010 can save an additional £3,000 in an ISA. This rise from £7,200 to £10,200 is an exciting opportunity that could make a real difference to your investments and a valuable chance to protect further savings from the clutches of the taxman.
Don’t forget, any money you save in an ISA is free from capital gains tax. There is also no further tax to pay on any income you receive. This means you can build up a substantial sum over the years, which you can withdraw whenever you want.
An ISA is an extremely efficient tax free savings vehicle and maximum funding of contributions should be considered in all financial planning. ISA funding can be by means of a lump sum investment or by regular contributions.
There are also some significant pension changes for people aged 50 – 55 which come into effect in April 2010. If you haven’t found out how this affects you then please contact your financial adviser now before it’s too late.
Adam Cook
Head of Operations
Lyndhurst Financial Management Limited
Harpenden – St Albans – Luton – Radlet – Barnet – East Barnet – London – Mayfair
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