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Tax Year End 2017 - Use it or lose it: steps to take on your ISA

Article | 10 March 2017

With the end of 2016/2017’s tax year looming large, it’s time to start considering if topping up your existing ISA or opening one up for the current tax year is right for you.

Whether you still have some of your annual allowance left to invest or don’t yet have an ISA, you have until 5 April 2017 to assess your options and the amount you can invest.

Invesco Perpetual ISA - deadlines

You have until 6pm for telephone applications and 8pm for postal applications on Wednesday 5 April 2017 (although allow more time ahead of this deadline if you’re posting your application form) to invest in a 2016/2017 ISA or top up your existing ISA (if you haven’t already reached your annual subscription limit).

Please note that we cannot accept application forms at our Henley-on-Thames office.

Why consider an ISA?

For those of you that are new to ISA investing, the Individual Savings Account (to give it its full name) gives you the opportunity to invest a lump sum of money without the government taxing you on any income or capital gain you make. An ISA is not an investment in its own right, but a wrapper in which you can hold your investments to shelter them from capital gains tax. There are two types of ISA:

  • A stocks and shares ISA
  • A cash ISA1

For the 2016/2017 tax year your total investment subscription limit is £15,240. This means you can invest up to this amount without incurring any capital gains tax when you come to sell your investments. You can decide whether to split your allowance between the two types of ISA, or hold all of your investments in one kind, as long as you do not exceed the total ISA limit of £15,240. For the 2017/2018 tax year, this allowance will increase to £20,000.

1Investments into the Invesco Perpetual Cash ISA

Please be aware that as of 6 April 2017, we’ll not be accepting new investments into the Invesco Perpetual Money Fund within the Invesco Perpetual Cash ISA.

The Invesco Perpetual Money Fund will instead be made available for investment within the Invesco Perpetual Stocks and Shares ISA as of this date.

Any existing Invesco Perpetual Cash ISA accounts will remain as they are, but new investments into this product will cease to be accepted as of 6 April 2017.

If you would like further information, including application forms, visit our tax year end page.

Alternatively, call our Client Services Team on 0800 085 8677 and they’ll be happy to help.

Investment risks

The value of investments and any income will fluctuate (this may partly be the result of exchange-rate movements) and investors may not get back the full amount invested.

Important information

Current tax levels and reliefs may change. Depending on individual circumstances, this may affect investment returns.

Where Invesco Perpetual has expressed views and opinions, these may change.