You might be planning for your retirement, looking to generate investment income to top up your pension, saving for a deposit to buy a property or buy a holiday home, providing for school fees, or simply creating a secure nest egg for the future.

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Different ways to grow your wealth

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IJP Wealth Management provide solutions for the diverse needs of our clients, enabling each individual to structure their finances as efficiently as possible. There are many different ways to grow your wealth: from ensuring you receive the right rates for short-term cash management, to a more complex undertaking of creating an investment portfolio to grow your wealth for the long term.

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IJP Wealth Management can help you make informed decisions about the investment choices that are right for you by assessing your life priorities, goals and attitude towards risk for return. Any number of changing circumstances could cause your wealth to diminish, some inevitable and some unpredictable – new taxes and legislation, volatile markets, inflation, and changes in your personal life. Structuring your wealth in a way that minimises the impact of these changes is essential.

 

Individual Savings Accounts (ISAs)

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Individual Savings Accounts (ISAs) are an incredibly effective means of shielding your money from both Capital Gains Tax and Income Tax. Using your tax-free allowances every year should be a standard part of your financial planning.

Each tax year, we are each given an annual Individual Savings Account (ISA) allowance. This can build up quickly, letting you accumulate a substantial tax-efficient gain in the long term. It is a ‘use it or lose it’ allowance, meaning that if you don't use all or part of it in one tax year, you cannot take that allowance over to the next year. Utilising your ISA allowance to invest tax-efficiently could lead to significant savings in Capital Gains Tax and even improve your potential returns.

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Investors do not pay any personal tax on income or gains, but ISAs may pay unrecoverable tax on income from stocks and shares received by the ISA managers.

 

Tax treatment varies according to individual circumstances and is subject to change.

 

Stocks and Shares ISAs invest in Corporate bonds; stocks and shares and other assets that fluctuate in value.

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Junior ISAs

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Junior ISAs let you save and invest on behalf of a child under 18. And with no tax on the earnings, the money you put away can grow even faster. Money in the account belongs to the child, but they can’t withdraw it until they turn 18, apart from in exceptional circumstances. They can, however, start managing their account on their own from age 16.

There is no tax payable on interest or investment gains, and when your child turns 18, their account is automatically rolled over into an adult ISA (sometimes called a ‘NISA’). They can also choose to take the money out and spend it how they like – for example, on driving lessons, further education or job training.

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Your child can have a Junior Cash ISA, a Junior Stocks & Shares ISA, or both.

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The value of investments and the income derived from them may go down as well as up, and you may not get back the amount originally invested.

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