Can a 17 year old take out an isa?

by Hannah | Dec 16, 2010 | Financial Clinic

Yes, any one over age 16 can take out a cash ISA, but you need to be over age 18 to utilise the whole ISA allowance and purchase a stocks and shares ISA.

My adviser has suggested that I move all my investments onto a “Platform” and has also used the word “Wrap” – I am confused…

by Hannah | Dec 16, 2010 | Financial Clinic

A “Platform” or “Wrap” is an administration service which allows you to hold all your investments in one place. The advantage of this is that it is easy for you to see at a glance your total wealth, administration is usually less time-consuming...

I am always confused when I read advertisements for Building Society accounts, they always quote a “Gross” interest rate, is this the amount I will receive?

by Hannah | Dec 16, 2010 | Financial Clinic

In most cases you will receive the interest from a Building Society account net of tax at 20%, so you will only receive 80% of the figure quoted in their advertisement. If you are a non taxpayer you can apply to have the interest paid to you without deduction of...

I will reach age 65 in two months time and the Insurance Company has written to me with details of my pension plan, the paperwork indicates that I have an Open Market Option. What does that mean?

by Hannah | Dec 16, 2010 | Financial Clinic

This means that if you can find an Insurance Company who will give you greater benefits than those proposed by the existing Provider, you have the right to move the fund. This is a complex matter and you will need to make decisions such as whether to taker the...

I want to buy a stocks and shares ISA before the end of the tax year, what should I buy?

by Hannah | Dec 16, 2010 | Financial Clinic

Buying a stocks and shares ISA is not as simple as buying a cash ISA, in that instance it is really access and interest rate which is relevant. Buying a stocks and shares ISA is not like putting money on a horse, there is no out-and-out winner. When you buy a stocks...