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Liverpool Victoria ISA
Liverpool Victoria, after over 160 years of being in business, is still a Friendly Society, offering a range of financial products from savings and insurance to life cover and retirement plans. The Liverpool Victoria ISA (Individual Savings Account) is a savings plan, designed to encourage you to save, and providing excellent tax benefits (as all ISAs do). An easy way to think of an ISA is like a wrapper that protects your investments from the claws of the tax man; and, no matter how much your investments may grow, or how much money you may withdraw from your ISA, the money will be protected from both capital gains tax and income tax.
ISAs are offered by many banks, building societies, and other financial companies; they are, for the most part, largely similar to one another, and are the government's way of trying to get you to save - which is, of course, a good idea. If you've never had an ISA account before, then you might be wondering why you need one, being as your Post Office savings account seems to still work perfectly well. However, by not taking advantage of opening an ISA account, you're missing out on an excellent tax break, and if you're keeping long term savings in a regular account, then you are probably paying tax on it. With an ISA you don't need to, since there is no tax on ISA accounts.
Since the government introduced ISAs several years ago, many different types of ISA emerged. However, in 2008 some changes were made to simplify the plethora of ISA product descriptions. For example, rather than having separate definitions, the term "Cash ISA" now refers to Mini Cash ISAs, Tessa Only ISAs, and any Cash component of a Maxi ISA; similarly, the term "Stocks and Shares ISA" now refers to all Mini Stocks and Shares ISAs and the Stocks and Shares component of a Maxi ISAs, and PEPs.
So, there are, effectively, two types of ISA to choose from, a Cash ISA, or a Stocks and Shares ISA. Some companies market both types of product, but the Liverpool Victoria ISA is a Stocks and Shares ISA. Nonetheless, within this bracket of LV ISAs, there are still different choices that can be made, and Liverpool Victoria provides three different Stocks and Shares ISA products: the Liverpool Victoria Diversified Income ISA, the Liverpool Victoria Balanced Managed ISA, and the Liverpool Victoria Stockmarket ISA, each of which offers different levels of potential growth/risk. Here is an overview of the products:
Liverpool Victoria Diversified Income ISA
Liverpool Victoria Balanced Managed ISA
Liverpool Victoria Stockmarket ISA
With any ISA (from any company) you are limited by the government as to how much you're allowed to invest in any given year (this changes from time to time); however, if you missed the opportunity to use your ISA allowance in any particular year then you cannot carry that forward to the next year. For example, in 2009 the maximum ISA allowance (i.e. the maximum you could invest) was £7,200; however if, for whatever reason, you didn't invest in your 2009 ISA, then you could not carry it over to 2010 and "double-up" in 2010; once the chance has passed, then it's too late.
None of the Liverpool Victoria ISA plans are entirely invested in stocks and shares, but (as noted above) the plans vary in their investment strategies, with the potential for most return coming from the Stockmarket ISA, and the ISA plan with the least risk being the Diversified Income ISA, which is invested least in stocks. Nonetheless, whichever plan you choose, it's better to think of your ISA as a medium to long term investment as opposed to a short-term plan. You can, of course, withdraw your funds when you want, but most stockmarket investment tends to perform better over a longer period, which evens out the effects of the stock market ups and downs on your ISA account.
However, each of the Liverpool Victoria ISA plans adheres to the idea that you shouldn't put all of your eggs in one basket, and so even though the LV ISAs are all termed as "Stocks and Shares ISA" plans, they are still each diversified to varying degrees, which provides for a reduction of risk.
Of course, you don't have to contribute the maximum amount which you're entitled to, and with the Liverpool Victoria ISA plans you can contribute from £100 a month, or even just contribute a lump sum. It's entirely up to you. However, if you can afford to contribute the maximum ISA allowance each year, then you'll obviously benefit from a greater tax reduction, since you'd probably be paying tax on any interest/earnings if you put the money into a regular savings account.
You certainly don't need to be any kind of professional investor to take advantage of ISAs, and opening your ISA is very simple, and really no different to opening any other kind of account.
Nonetheless, using leading fund managers from across the financial spectrum including Fidelity, Invesco Perpetual and M&G to name just some, and with a long history of successful financial management behind it, Liverpool Victoria does stand out from the crowd in many respects. Additionally, with its much coveted 'A' rating from Standard and Poors, Liverpool Victoria certainly has claim to prime credentials.
Much more information about LV ISA products can be found on the Liverpool Victoria ISA website, where you can also open an ISA account online and enjoy a discount for doing so at the same time. The online ISA application is very easy to complete, and takes just a couple of minutes from start to finish, with plenty of useful information to guide you in the process.
Information on all Liverpool Victoria Products at CreditShop.at Liverpool Victoria 50 Plus Life Insurance
Liverpool Victoria Car Insurance
Liverpool Victoria Home Insurance
Liverpool Victoria ISA
Liverpool Victoria Pet insurance
Liverpool Victoria Travel Insurance
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