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Introduction to ISA

2. How does an ISA compare with other tax free forms of investment?

2. How does an ISA compare with other tax free forms of investment?

ISAs are perhaps the best-known forms of tax-free saving. However, there are other choices to be considered when taking out an ISA.

Investments that are not taxed on capital gains made in them include Government Bonds (Gilts), Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCTs). The latter two also allow income tax relief at 20% on subscription and deferral of CGT due on realisation of other assets.

Other investments which are both income tax and capital gains tax-free include Index-linked and Fixed Interest National Savings Certificates, Children’s Bonus Bonds and Premium Bonds, where there is no tax on prizes.

The benefits of Friendly Society Plans, although subject to relatively low investment limits are also free of all tax.

Approved pension schemes allow tax relief on contributions and tax-free roll-up of the pension funds (although there is no reclaim of UK tax already deducted from dividend income). A tax-free withdrawal of 25% of the amount of the fund is allowable on retirement at age 50 or over.

Benefits payable from Qualifying Life Policies are paid free of all tax, but may have an underlying tax.

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