Tony talks about the erosion that occurs in your savings with the current inflation rates and how you can benefit from tax relief in the coming year.
KEY TAKEAWAYS
- Tax efficiency is a key consideration when investing because it can make such an enormous difference to your wealth and quality of life.
- One way to avoid tax is to contribute to an individual savings account (ISA) and take advantage of up to £20,000 tax free with a stocks and shares ISA.
- A cash ISA allows you to earn interest on your savings without having to pay any tax on interest earned.
- Junior ISA are for those under 18 without a trust fund account. Up to £9000 can be put in a Junior ISA and can be used for a wide range of purposes such as education or training costs.
BEST MOMENTS
‘The type of investment and tax efficiency that you should be looking at will depend firstly on whether your priority is to save a lump sum for the future or to draw an income today.’
‘Not only will your investment grow tax efficiently, you’ll also benefit from the potential for capital gains.
‘Another option is a Lifetime ISA or LISA. If you are looking to save for retirement or to buy your first home you may also want to consider opening a LISA. With a LISA you can save up to £4000 in the current tax year. The government will add out to 25% to any savings held in a LISA up to a maximum of £1000 a year.’
‘If you earn over £100,000 making personal pension contributions can be highly advantageous.’
VALUABLE RESOURCES
Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth
Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth
ABOUT THE HOST
Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.
“Live For Today, Invest For Tomorrow”
CONTACT
Tony’s official website: https://ttwealth.co.uk/
Facebook: https://www.facebook.com/TonyThomas.IFA/
LinkedIn: https://www.linkedin.com/in/tonythomas2/
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