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Savings and Investments - Individual Savings Accounts ISAs – Personal Equity Plans PEPs 2008/09

ISAs and PEPs

Individual Savings Accounts (ISAs)
Maximum which can be invested	£7,200
Of which cash can represent of a maximum of	£3,600

Notes

Under the government's stakeholder scheme, the make up of an ISA can be split between cash and longer term investments. These can be held in the following proportions:
- Cash ISA - (up to £3,600)
- Stocks and shares ISA (the remainder of the £7,200 not held as cash deposits.)
For qualifying ISAs, all returns received are free from income tax and capital gains taxes.
An age restriction applies to 16-17 year olds who are restricted to contributing up to £3,600 only, in a cash based ISA.
ISAs permit individuals to withdraw capital as and when they wish without giving rise to a a charge or without forfeiting tax reliefs. Furthermore, any capital gains and income derived from an ISA need not be included on a self assessment tax return.

Personal Equity Plans (PEPs)

All outstanding PEPs in existence as at 6 April 2008 are automatically transferred to equity based ISA.

Testimonials

Omega came highly recommended to me from a business contact. I thought that accountants were all the same, but after they revolutionised my accounting system, I knew that I would find other users for their talents.

Omega Accountancy now runs my entire accounting function from their office. They provided me with access so that I can check my accounts online. They are always up to date and well presented and informative.

I would say thank you to all of your staff.

Paul Gardener

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Partners: Fast online Company Formation services, complete with your own choice of directors and shareholders. An easy to use electronic system provides facilities for registering a company with no paper forms to fill out, incorporated in approximately 3 hours.

Omega Accountancy London Limited - Company Number: 6374590 - VAT Registration Number 919 1094 21 - Registered Office address: Suite 404, 324 Regent Street, London. W1B 3HH. United Kingdom.