According to figures released by HM Revenue & Customs (HMRC), Isas are no longer as popular as they used to be, with approximately 12.7 million Isas being taken out in 2015-16, as opposed to 13 million in 2014-15. More money now appears to be heading into stocks and shares, with a significant jump in the amount being invested, from ￡17.9bn in 2015 to ￡21.4bn this year.
However, according to HMRC, junior Isas are becoming much more popular, with a record ￡921m being put into the tax-free accounts for under-18s in 2015-16, a 58% rise in the previous financial year.
If you require assistance in this matter, as part of our overall wealth and tax strategy and through our extensive network of contacts, we are able to introduce you to an Independent Financial Adviser who will assess your situation and inform you of the investment vehicles best suited to you. To find out more, contact Alan Ford or your usual Beavis Morgan Partner.