Whiting
and Partners Cash ISA
Whiting
and Partners Cash ISA
Most
Individuals, with currently modest levels of savings in a
bank or building society account, could increase their overall
investment return by shopping around for a higher paying interest
account. In addition, it usually makes sound financial sense
to hold the maximum cash sum eligible in an account which
has a Mini Cash ISA 'wrapper', which allows the interest to
be received tax free.
Based on market rates in July 2001, the following example
shows how a typical higher rate taxpayer could switch £3,000
of capital into a mini cash ISA and increase the overall after-tax
return by approximately 350%.
The
key rules for operating such an ISA are as follows:
To
be eligible, individuals must be resident and ordinarily resident
in the UK and over 16 years of age.
Maximum annual investment of £3,000. Once the maximum
amount has been subscribed to the account in a tax year, no
further subscriptions will be allowed, regardless of how much
is withdrawn.
However,
it should be remembered that the use of a Mini Cash ISA prevents
the purchase of a Maxi ISA during the same tax year and not
all Mini Cash ISA accounts meet the Government CAT Standards.
Also, Mini Cash ISA's should be viewed as just one component
of your wider overall investment scenario and proper professional
independent investment advice is recommended to assess your
individual needs and opportunities. Whiting and Partners own
Financial Advisory Service company would be pleased to offer
you this service.
For
most taxpaying savers, therefore, with modest levels of capital
held as cash, such a CAT Standard account has all the accessibility,
capital security and investor protection of a normal savings
account, with the added advantage of competitive rates of
interest, credited tax free.
Whiting
& Partners is regulated by the Institute of Chartered
Accountants in England and Wales for a range of investment
business.
For
further information on Whiting and Partners Cash ISA's visit
the Whiting and Partners Website.
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