NISA – good news for dentists

From 1st July the biggest ever change to Individual Savings Accounts (ISAs) takes effect with the introduction of NISAs (New ISAs).

As announced by Chancellor George Osborne in his March budget, NISAs are a single, simpler tax-free savings vehicle with no  confusing rules relating to the separation of cash and investment elements. Here are the main features of the NISA:

• £15,000 annual limit
• No limit on use of cash or investment elements up to £15,000 maximum
• Back and forth transfers allowed between cash and investment elements

Jon Drysdale of PFM Dental says: "Net returns on most cash savings accounts remain below the rate of inflation (1.4% May 2014). Although most commentators believe interest rates will rise in late 2014, or early 2015 the pace and scale of the increase isn’t likely to be swift or significant. This will probably leave savers frustrated and borrowers relieved."

Jon Drysdale is an independent financial adviser with PFM Dental. Visit pfmdental.co.uk for further information on saving and investments.

The value of your investment can go down as well as up. You may get back less than your original investment.

For more information contact pfmdental on 0845 241 4480 or visit www.pfmdental.co.uk