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Worth buying an ISA?

cs12
cs12 Posts: 4 Newbie
in ISAs & tax-free savings
As a non taxpayer with savings in stocks and shares is it worth buying an ISA?

Comments

  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    cs12 wrote: »
    As a non taxpayer with savings in stocks and shares is it worth buying an ISA?
    Are you ever likely to be a taxpayer?
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • cs12
    cs12 Posts: 4 Newbie
    Right - it may be that i will be liable for capital gains tax.
  • dunstonh
    dunstonh Posts: 120,245 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Any income generated within the ISA will not go towards your income for tax purposes. WHilst you are not a tax payer now you may be in future (state pensions can often take people into tax payer position).

    Also, for fixed interest funds, the tax is reclaimed at source within an ISA so you dont have to claim it back for a tax return if held outside of an ISA.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • cs12
    cs12 Posts: 4 Newbie
    Thanks for that reply; a few years to go before the pension days but that has explained a few things!
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