Where To Invest £10K Now ISA Allowances Used Up

WSB

Both my wife and my ISA allowances have been used up for this tax year and we're looking for somewhere to invest £10K.

I guess the obvious choice is a straightforward (although currently poor interest rate) high interest account.

We don't need easy access and are looking to invest for at least 5 years.

Ideas/suggestions?

Also, what is a GIA and would this be of use.

Many thanks all!

grumiofoundation

Are you looking to invest (ie stocks and shares) or save (cash savings accounts).
mate your ISAs cash or stocks and shares?  

General investment accounts are simply accounts where you can invest in the same things as stocks and shares ISA but without the tax free nature of gains. 

Edit- with capital gains and dividend allowances you are unlucky (or would probably have to be very lucky) to pay tax. 

If you are looking for cash products have you looked at premium bonds? 

Thrugelmir

grumiofoundation said:

General investment accounts are simply accounts where you can invest in the same things as stocks and shares ISA but without the tax free nature of gains.

For many people there's no tax implications in using an GIA if the rules are fully understood and investments selected accordingly. Often a usefull place to temporarily park funds if other annual allowances have been fully utilised. 

grumiofoundation

Thrugelmir said:

grumiofoundation said:

General investment accounts are simply accounts where you can invest in the same things as stocks and shares ISA but without the tax free nature of gains.

For many people there's no tax implications in using an GIA if the rules are fully understood and investments selected accordingly. Often a usefull place to temporarily park funds if other annual allowances have been fully utilised. 

That’s a good point, thought I’d added that in but obviously missed it out!  

Although as you say have to make sure understand the various implications of investing in GIA, dependant on personal situation, whereas don’t have to worry with ISA. 

Steve182

If you have a tax liability for this FY of >£3K that you would like to lighten maybe consider a VCT.

30% of the investment value will be refunded by HMRC from this years tax bill when you submit a tax return. You need to stay invested for 5 years minimum to keep the rebate. All divis are tax free too.

I'm invested in Northern VCT and Amati VCT. Amati's current offering sold out at 2pm today however after it raised the full £40m subscription. 

https://www.wealthclub.co.uk/venture-capital-trusts/

WSB

NB: the ISAs already invested in (up to our limits) are stocks and shares ISAs.
Thanks all, I think the approach to take is to temporarily stash this £10K somewhere until I can move it to our stocks and shares ISAs in the next tax year.
From reading here, it sounds like a GIA is the best place, providing I guess that I can get the money out, come the next tax year.
Cheers!

DoctorStrange

If you had an extra 10k allowance within an ISA, what would you invest in?

I'd just buy that same thing outside the ISA wrapper and then sell it next April, and buy it back within the ISA.

WSB

As I'm investigating long term.
Would probably go for stocks and shares but as it'll just be to April next year then i think maybe put somewhere more stable.
Seem to have gone full circle now

grumiofoundation

If you are looking long term is pension not an option? 

WSB

Have chucked loads in the pension. 

dunstonh

pension trumps ISA which trumps the GIA providing suitability is ok with all tax wrappers.