There are so many different types of savings and financial investments that is wise to seek advice. For more information on types of Investment schemes, see below:

Individual Savings Account (ISA)

ISA's represent a tax efficient wrapper into which cash savings and investment in equities, Bonds, collectives and insurance policies can be made.

There are two types of ISA's these are mini and maxi. A maxi ISA has a maximum investment of £7000 in a tax year and only one provider can be used in that tax year. Mini ISA's are split to a maximum of £3000 (cash) and £4000 (shares) per tax year. Only one provider (which can be different) can be used in a tax year for each. However, rules are expected to change in the 2008/09 tax year.

Personal Equity Plan (PEP)

PEP's were replaced from April 1999 with ISA's, so no new PEP's can be established nor can any further contributions be paid to existing one's.

If you do have PEP's within your portfolio, it is still important that the funds in which they are invested are reviewed on a regular basis. There are no restrictions on switching this type of investment.

Continuing to hold funds within a PEP has no impact on your ISA limits. In the same way as affects ISA's, once your capital is withdrawn from your PEP the tax efficient status of that capital is lost.

To speak to our Investment Team please contact us here.