UnaVida | Should I have an ISA?

Should I have an ISA?

Is Your ISA, Your Flexible Friend?

Since April 2016, it has been possible to take your monies out of an ISA (effectively borrow) the money, and use for whatever purposes you require. Providing you pay the money back into the ISA, within the same tax year you took the money out, then the I S A would still retain the same tax benefits.

This is possible with cash, stocks and shares ISA’s and Innovative Finance I S A’s, you can even extract monies out of one of these types of I S A and put it back in another.

There is a catch.

Only about one-third of ISA providers offer flexible I S A’s.

Is this flexibility important?


There are numerous instances whereby clients would benefit from being able to access their I S A monies.

We would recommend that savers who value flexibility should check with their I S A providers to see if they offer this facility.

There is another catch.

By borrowing the money from your I S A – you could lose out on capital growth and dividends that would have accrued during the period your monies were out of the market.

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A pension is a long-term investment that typically cannot be accessed until age 55 (57 from April 2028). The level of pension benefits offered could change depending on the value of your investments (and any income they may generate).

The interest rates in effect at the time you begin receiving benefits may also have an impact on your pension income. The tax consequences of pension withdrawals will depend on your unique situation. In later Finance Acts, tax rates, tax bases, and tax relief may change.

The opinions expressed by Ray Best are meant to inform and educate. Before making any investment decisions always take advice that is pertinent to your investment personality and financial situation.

You are aware that past performance will not necessarily be repeated in the future, but you should be aware that persistent poor performance invariably will.

The value of an investment and the income from it could go down as well as up.

The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.

UnaVida Wealth Management Ltd. is directly authorised and regulated by the Financial Conduct Authority (440577).

The guidance in this website is primarily aimed at a UK audience and is subject to regulation by the Financial Conduct Authority (FCA).

The Financial Conduct Authority does not regulate tax planning, estate planning, or wills and any form of legal documentation.