The value of investments can fall as well as rise, and you may not get back the full amount you invest. Eligibility criteria, fees and charges apply. Tax reliefs referred to are those applied under current UK legislation, which may change. The availability and value of any tax relief will depend on your individual circumstances.
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They say the early bird catches the worm but can the same be said about when it comes to investing?
Investing could be a great way to put your money to work and give it the opportunity to grow towards your long-term goals. But there are ways that you could be investing smartly.
Each tax year, you have an ISA allowance that you could use to invest without paying UK capital gains or income tax on the money you make from it. That way you get to keep more of your money that could stay invested and build towards your money targets.
1. Invest with a Stocks and Shares ISA
Invest up to £20,000 this tax year with a Stocks and Shares ISA, free from paying UK capital gains and income tax on any money you make from your investments.
2. Invest for your children with a Junior ISA
Similar to a Stocks and Shares ISA, you can invest up to £9,000 free from UK capital gains and income tax for your child. For Royal Bank Invest they must be under the age of 14 and can’t withdraw from their Junior ISA until they’re at least 18.
3. Add to your Pension
If you’re thinking about retirement, a pension would put your money to work along with contributions from the government. The tax relief means that the government matches 25% of whatever you put into your personal pension up to £60,000 each tax year. You then can’t withdraw money from a pension until you’re 55 – although this is expected to increase to 57 from 2028.
