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Pay Debts Blog
Want to get out of debt, consolidate your debt, get a better loan or just learn some top money and debt rescue tips? We have financial advice here that will help you achieve your dream of being debt free. Absorb all the info on blog and join our site for articles and tips Consolidate Debts LoansPermanent link: What is an ISA or PEP?
What is an ISA or PEP?
Individual Savings Accounts (ISA) is a form of tax efficient shelter or "wrapper" that replaced Personal Equity Plans (PEPs) and Tax Exempt Special Savings Accounts (TESSAs) in April 1999. Both PEPs and TESSAs remain in force but no new subscriptions can be made to PEPs. You can no longer purchase a PEP. What are CAT Standards? The government has introduced some standards for ISAs to help investors choose their investments. CAT stands for Cost, Access and Terms. There is no requirement for every ISA to meet the standards. Meeting the standards is not an indication that a particular investment will be good or bad, but simply that it has a certain level of charges and access, and a low minimum investment. The stocks and shares component of the CAT standards has been devised more with managed funds and tracker funds rather than self select ISAs in mind. CAT Standards are: NOT a Government endorsement of a product-so don't be fooled NOT a guarantee of anything at all NOT an indication of a superior product - a CAT Standard product may do better or worse than a non - CAT Standard product - do your research! NOT necessarily an indication of good investment performance - many of the best performing and most popular funds may not be to CAT Standard, again check it out NOT a specific recommendation that a product is right for you-consult a financial advisor NOT a substitute for advice from a qualified adviser Can I open a joint ISA or as an Investment Club? No, an ISA can only be opened on an individual basis, see below There is currently a personal limit/allowance of investing £7,000 per year, per individual only in ISA'S. Who is eligible for an ISA? Only individual persons are eligible provided they are 18 years of age or older and a UK resident (excluding the Channel Islands and the Isle of Man) for tax purposes. You cannot hold an ISA jointly with, or on behalf of, anyone else. For example, you cannot open an ISA with your spouse. They can be a good option for those who want to save and not pay tax on their savings! Technorati Tags: What is an ISA/PEP?Posted by Admin at 2006-09-16 18:07, Home
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