A fully flexible way to invest
Keeping the tax you pay to a minimum is one way of making the most of your returns. Here are some useful ways to stay tax-efficient during the current tax year.
The value of investments can fall as well as rise and you could get back less than you invest. If you’re not sure about investing, seek independent advice. Tax rules can change in future. Their effects on you will depend on your individual circumstances.
Listen to our podcast on what to consider about tax efficiency and the types of accounts you could use to shelter your hard-earned results.
Welcome to Word on the Street's Personal Finance podcast from Barclays UK where our experts share their knowledge and insights to help you become a better and more confident investor. In this episode of our Word on the Street Personal Finance, series we discuss what savers and investors might consider about tax efficiency and the types of accounts they could use to shelter their hard-earned returns.
Phil Attreed: Hello and thank you for joining especially those listeners who regularly join our established weekly market and investment debates. This is the second episode of our extended Word on Street series focused on all things Personal Finance. In this session we'll move on from getting ready to invest and establishing financial goals to focus on what our listeners might consider about tax efficiency and the types of accounts they could use to shelter their hard-earned returns from tax. Of course it's always important to make sure that investments make sense in their own right and a phrase we often return to with clients is not allowing the tax tail to wag the dog, investments after all can fall in value as well as rise. I'm Phil Attreed, Barclays Head of Investment Consulting and for this episode I'm joined by Lee Platt one of our director wealth planners whose expertise in these topics should help us navigate these important considerations. We would highlight upfront that all tax rules can and regularly do change, their effects always depend on your individual circumstances which can also change and whilst Barclays don't offer personal tax advice independent advice should be obtained if you have concerns about the next steps on the journey. Now Lee let's start by just thinking about why our tax allowances are so important when it comes to saving and investing. Having worked with thousands of investors over the years I know it's not just those who who've worked the hardest at hunting down the best savings bond or picking the best investment that have necessarily made the most money. Those who've equally focused on the tax they'll pay on their hard-earned returns have often actually achieved more of their financial goals.
Lee Platt: Yeah that's right Phil, so tax is an important variable it's a real drag on performance so you know it does make sense to plan to minimize the impact of tax where suitable, which can provide compounded returns over time. So for example let's assume that you've got £10,000 that you want to save and invest and let's assume that you're at a basic rate taxpayer. Now this can change but basic rate is currently at 20%. Now, if you assume a four percent return over a period of say ten years then the net of tax return would work out at 3.2 percent and of course that's assuming that the basic rate of tax doesn't change over that period. Now over the ten-year period the difference between the gross return of 4% and the net return of 3.2 of course is 0.8% and that drag on the £10,000 invested would equate to a loss of £1,100 pounds. So you know the importance of compound growth is you know really important but compounded tax is a real drag.
PA: And Lee as a UK taxpayer I have quite a range of taxes, and therefore allowances and planning opportunities and we're not going to be able to cover everything in this session but let's start with the key taxes, the thresholds and the associated allowances.
LP: Well Phil, tax can be complex and so to position this I've taken some information directly from the HMRC website. Now there are many tax allowances, reliefs and variables all depending on each individuals circumstances, so for this let's focus on some of the main ones for investors to consider. So let's have a look at the personal allowance, so this allows the first £12,500 worth of taxable income to be received with no tax rate taken. Now all UK tax registered individuals, including children from birth can benefit from this allowance. Now it's important to note however that people with taxable income in excess of £100,000 could start to lose their personal allowance as this is reduced for £1 for every £2 of income above £100,000. So that means that you wouldn't be entitled to a personal allowance if you'd got taxable income that was over £125,000. The second one would be a starting rate for savings. Now many people aren't aware of this allowance and it is in addition to the personal allowance as we've just mentioned and you may also get up to £5,000 of interest from savings and not have to pay any tax on it. And this works on a tapering scale for income more than the personal allowance so for example if you earn money from wages and you've got income from a pension as example then the starting rate for savings will decrease, and if your income is £17,500 or more then you would not be eligible for the starting rate for savings. That moves us on to the personal savings allowance and this is an allowance that applies to interest from banks, building societies and many but not all types of taxable investments. You may get up to £1,000 of interest and not have to pay tax on it and for higher rate taxpayers this allowance reduces down to £500. It is important to note that this allowance is not available to any individual falling into the additional rate tax band. The penultimate one is the dividend allowance this allows individuals to get £2,000 worth of dividends each year and you would only ever pay tax on any dividend income that is above the dividend allowance of £2,000. So the final one there is Capital Gains Tax allowance, you only have to pay Capital Gains Tax on your overall gains which are above the tax-free allowance. That allowance is £12,300 and in my experience with clients this is a really valuable allowance that many investors do not maximize each year.
PA: Fantastic, really useful Lee, of course it's important that our listeners understand that all of the information we're referencing can be subject to changes particularly as economic and political drivers they influence taxation and so it's good practice to refresh yourself on those main elements every so often, and I generally encourage family and friends to use the annual budget as a good trigger point for a bit of a review of those allowances. So when it comes to savings and investments I definitely think about how different solutions are going to be taxed for me and in my case also in the case of my partner, especially with our very different tax rates and allowances in mind. This has a strong bearing on the return we will ultimately be left with.
LP: Yes Phil, so with low returns on cash savings there are many investors who may not actually fall into the territory of paying tax on savings unless they are high earners. Again this can change if the government needs to increase taxation and if you are uncertain of your position then I would certainly encourage you to seek advice from a tax professional.
PA: Absolutely Lee, and again we're not going to be able to cover off all complexities here but turning to a typical investment portfolio or a diversified managed fund, I'm hopefully going to be making some investment gains from owning some shares in there, these gains are going to be subject to the Capital Gains Tax where they exceed that annual allowance. I might also in that portfolio expect to receive some dividends from the companies that I've invested in, again I helpfully have a separate allowance that you reference there Lee for dividends but if I'm investing a reasonable amount of money and possibly in companies that pay slightly higher dividends then I might want to think about the tax I could be paying there. A good illustrative reference point for our listeners for investors is the historic average dividend yield so the rate paid by UK companies which is kind of around about 4%, so as a rule of thumb anything more than about £50,000 invested might start to attract some dividend tax. Finally looking at that portfolio or managed fund I might have some bond investments in the portfolio so these are going to be loans to governments, or to companies, and the interest payment that I receive on that loan to those governments or companies that may be subject to income tax. So I should think about my other sources of income tax and what income tax rate that I might already be paying, say from salary or pensions as this will affect the overall rate of tax that I'm going to be be paying.
LP: Absolutely Phil, so you know while some investors might never exceed their annual allowances it is important to remember that these allowances cannot be carried over from one financial year to another. So it works on the basis of if you don't use them then you lose them and this is especially important for Capital Gains Tax where an investor might have sold shares or hold a fund for many years and in doing so could build up hopefully quite sizeable gains. This is why it's so important that investors review their tax planning on an annual basis.
PA: Great that leads us nicely onto our next topic of the basic tax efficient accounts to shelter our savings and investments in. On top of the allowances we've discussed there's some good news here. Should we start with ISAs Lee?
LP: Yes, so Individual Savings Accounts, you can use them to save cash or invest in stocks and shares and you can pay your whole other annual allowance which is £20,000 at the moment into a stocks and shares ISA or into a cash ISA or any combination of these. Importantly, given what we've already discussed and you pay no income tax on the interest or the dividends that you receive from an ISA and any profits from an ISA investment are free of Capital Gains Tax. Now it's important also to note that if you do have to complete a tax return then you don't need to declare any ISA interest income or capital gains on it.
PA: Thanks Lee, there are also four more specialist ISAs so we've got Help to Buy, Innovative Finance, Lifetime ISAs and child ISAs. So whilst the latter two they absolutely enable for very similar tax efficient investments to the ones we're referencing, maybe we'll record a separate session specifically on the detail of all of these for another podcast. Whilst many investors understand the tax benefits let's maybe dispel some of the common myths about ISAs. So the first one for me is that many clients of mine over the years, they actually correctly understood that any money you'd withdrawn from your ISA or PEPs back in the day could not be replaced but that's changed I think now Lee, is that right?
LP: Yes, well interestingly Phil you know some ISA providers now offer a flexible facility that will allow you to withdraw and replace money from your ISA provided it's done within the same tax year. Now not all ISAs will allow you to do this and you should check with your ISA provider and that your individual ISA has this function.
PA: So second myth possibly the most common and one that frustrates me the most is the view that once you've selected your ISA provider you're stuck with it for the duration of your investment, or risk losing these tax advantages.
LP: Yes you know many investors are unaware that savings and investments in ISAs can be transferred to a new company or ISA provider without losing the tax advantages. Now you know this means that if there's a better savings rate available or you're not happy with the investments in your ISA or you know there's a cheaper alternative provider, then it should be reasonably simple to transfer or consolidate prior years ISAs to a new ISA provider. Now it is important before transferring you should consider this carefully and be aware of any adverse consequences you know and that could for example be breaking any conditions or any tie-ins on your existing investments and you know I would encourage everybody to seek advice if they are uncertain.
PA: Yes of course Lee and you know there is always a period in which you're likely to be out of the market as well and who knows you know markets could perform well during that period you know while you're moving the money's across from provided to provider. But that leads me on last but certainly not least to the last of the myths that ISAs need to be cashed out before they're inherited.
LP: Well actually Phil you know any surviving spouse or civil partner and can now inherit a deceased ISA and their ISA allowance in addition to their own.
PA: Good news, so the second area we thought we touch on is pensions so the government encourages you to save for your retirement by giving you tax relief on pension contributions. Lee do you want to touch on the various ways in which our listeners might find themselves contributing or holding a pension.
LP: Sure so employed individuals could be making contributions and/or receiving them from an employer and the self-employed could also be making their own pension contributions. It's also important to note that all employers must provide a workplace pension scheme. Now you may have come across this before and it's called automatic enrolment it means that your employer must automatically enrol you into a pension scheme and make contributions to your pension if all of the following apply. So these are you are classed as a worker, you are aged between 22 and the state pension age, you earn at least £10,000 a year and you usually or ordinarily work in the UK. Now if you're unsure of your position around auto enrolments then you should check with your employer to know exactly where you stand. There are various types of pensions and they all work in different ways depending on if they are personal arrangements or if they are employer-sponsored pension schemes, but they are one of the most tax efficient vehicles although still widely underutilised. The benefit of tax relief on the pension contributions makes these a really valuable way of saving for the future and recent changes to pension legislation have also made pensions more flexible than ever. However, pensions can be technical, they can be complex and they are subject to restrictions so again you know I would encourage people to speak with a financial adviser if you're unsure or you just want more guidance around pensions.
PA: And Lee, so what are the key features of a pension that our listeners should really look to get to know if you like to get them started?
LP: So there are three things to consider when looking at pensions and these are tax relief on their contributions, how much you can contribute to a pension and also you know how can you access your pension.
PA: So let's first look at the tax relief. Getting tax relief from contributions is clearly a key benefit.
LP: Absolutely, now the way in which you get the benefits of tax relief will depend on the type of pension scheme that you have. So for example a defined benefit also known as final salary pensions and employer led pensions like the workplace pension through auto enrolment that we've just mentioned can see contributions being made from your salary before tax is deducted. What that means Phil is that you know you then have a gross payment that's made into a pension on which you have not paid any tax. Now for personal pension arrangements so this is where an individual is making their own personal pension contribution, then tax relief is applied at the basic rate which is currently 20% and that's added to or what's referred to as grossed up inside of the pension. So the contribution is increased by the basic rate of 20%. Now for basic rate taxpayers there'd be no further action however what is important is that for higher or additional rate taxpayers, that they can then claim the additional tax relief of 20% for a higher rate taxpayer or 25% for an additional rate taxpayer through completing their self-assessment. And you know in my 20 years of advising clients I've seen this missed by so many people but it's a really vital to ensure that you're maximizing your available tax relief on your pension contributions and it's also worth noting that where tax relief increases the amount paid in you can also get tax relief at the basic rate even if you're a non-tax payer so again you know really valuable tax relief on pension contributions.
PA: Yes, as you say Lee, a vital area that people sort of consider but equally get right. Let's move on to how much though you can contribute to a pension. What do people need to know about this?
LP: So that the maximum annual contribution as a general rule of thumb is the lower of £40,000 gross or 100% of pensionable income whichever is the lowest, and this is called the annual allowance. Now it is important to note however that this annual allowance can be impacted for high earners and especially those with income exceeding £200,000 and they should definitely seek financial advice to understand their position. On top of this Phil if your pension fund grows and it grows free of tax with provides the benefit of compounding as we mentioned earlier and there is of course no guarantee that your pension investments will grow in value like all investments you know you could see a fall in value as well as rises.
PA: So the third thing people need to consider is I suppose accessing the pension ultimately, what options do people have there?
LP: So Phil you can usually take up to 25% of your pension funds as a tax-free lump sum under the current rules. Your regular pension income is taxed along with the rest of your other income. Now all of this comes with the understanding that the pension can't be accessed until minimum retirement age, and now that is currently age 55 but it is expected to rise in the future. And this can vary for different types of pensions so again it's important to check with your pension provider to know exactly where you stand on what the rules of your individual pension scheme is. There are some individuals who also may have certain types of protections in place for their pensions and that's due to previous changes in pension legislation over the year and again those protections are subject to certain rules. If you do have any protections in place or you want to check if you're unsure then again I would encourage you to seek financial advice.
PA: Fantastic, so I mean a bit like the ISA pensions are a great way for long-term investors to plan for financial goals around retirement, this enables the pot of money to maximize growth of the investments without being taxed along the way the difference obviously with pensions being that there's an incentive at the point of putting the money in, but potential to pay some tax when you look to spend that money at the end when you're retired. As we mentioned earlier you know the earlier we start saving and investing particularly in these sort of tax shelters the better the potential returns for our money to grow. I'd love to hear just a few tips from you Lee just around pensions though, have you got any other top tips for us?
LP: Yes, so you know tracking down a personal or workplace pension is usually a popular request or question that that we hear so it's most pension schemes of which you've been a member must send you a statement each year. If you're no longer receiving these statements and that perhaps could be because of a change of address, then to track down the pension there are three main bodies that you can contact. The first of these is of course the pension provider, you can also refer to the pension tracing service and that's available online or if it's an employer based scheme then you know you could also contact your former employer to get some information or to make sure that you are receiving up-to-date information on a workplace pension. The next one would be a state pension statement or a state pension forecast and this will really give you an estimate of how much state pension you might get based upon your National Insurance contributions to date and it will also help you to understand how any future National Insurance contributions might increase the amounts shown and that's particularly important for those that are in say the forties or the fifties and you know you might want to view that to see what the options are whilst you're still in a position to do something about it to fill any potential gaps or shortfalls in receiving your full state pension. And probably the last one is around third-party contributions. So this might be for people that are looking to contribute into pensions for their children or it might be that they want to make pension contributions on behalf of somebody that is a non-tax payer as an example, as you said Phil, the earlier your pension savings start, the benefits of compounding you know can make a substantial difference to the to the total pension value on reaching retirement age. You know and for example for myself I've got a daughter she's aged 15 and I started to contribute an amount of £2,880 each year into a children's stakeholder pension from her first birthday. And I'll continue to do that until she reaches aged 18 and that's when she can start making pension contributions on her own. Now every time that I make a payment into the pension, as we again we mentioned earlier you know this payment is grossed up by the basic rate of tax relief, again currently twenty percent and that's increased inside of the pension from £2,880 up to £3,600 which is a fantastic benefit. Add that with the other benefit of the compounding growth, the tax-free growth inside of the pension and over a period of in my case you know eighteen years and that's going to give my daughter an amazing start on which to build her own pension pot to support her in later life.
PA: Thanks for those tips Lee, that's one very lucky daughter, I'm certainly going to have a look at going back to sort of see my state pension statement. I think I probably know where I am with my employers having been here at Barclays for quite some time. But yes I mean I think the point around making those sort of third-party contributions as well it's one I always sort of keep putting off but again the earlier we do it the better the potential I think as you say for setting up the youngsters for life. So in our final section let's just touch on the basics of a little bit more complex but Enterprise Investment Schemes, EIS, and Venture Capital Trusts so VCT's. These could actually have their own podcast to be honest and we may well look to cover that in isolation as part of the overall series but just some very sort of brief thoughts on that Lee.
LP: Yes, so these are government backed investments into smaller companies to compensate for the potential higher risks involved then you know the government does offer some generous tax reliefs, such as 30% income tax relief and not having to pay tax on any gains. Now you know these are not for everyone but where used alongside other investments you know such as pensions or such as ISAs then you know they can offer the potential for higher tax efficient returns.
PA: Fantastic, as I say we may well look to revisit those in the interest of time. So if this has wet the appetite of our listeners are there any other good sources of information to sort of further their understanding Lee?
LP: Yes, so you know anything outside of basic allowances or ISA subscriptions you know probably requires more input from an advisor. You could also contact other bodies like the Citizens Advice Bureau or HMRC website is really good for factual information. You could also view the Barclays Smart Investor website and it's a great resource and there's some great articles and information on that, and of course you know if you are a Barclays wealth client you know then please do speak with your wealth manager, it is important though Phil as ever to confirm that Barclays does not offer tax advice and you should seek tax advice from a tax professional.
PA: Absolutely, thank you so much Lee for joining me for this episode we'll definitely have you back on as we step through the various stages of the savings investments journey with this podcast series. Thank you also to our listeners, hopefully there's some thought-provoking insights in there for you today. As always you can listen to our regular Friday podcasts on the latest markets and investment thinking. And we'll be back soon with the next episode in this Personal Finance series.
Tax treatment descriptions mainly involve investments and investments can fall in value as well as rise and their past performance is not a reliable indicator of a future performance. All tax rules can change in future and their effects depend on your individual circumstances which can also change. We don't offer personal tax advice. You should obtain this independently if you are unsure. This podcast is not a personal investment recommendation.
Consider making the most of your ISA allowance
Each tax year you can invest or save a set amount into tax-efficient individual savings accounts (ISAs).
In the £20,000 into ISAs. You can split your allowance between a cash, investment, innovative finance and a lifetime ISA.1 However, with a lifetime ISA, you can only pay in up to £20,000 allowance. You can put money into one of each kind of ISA each tax year.
You won’t pay income tax, tax on dividends or interest distributions classed as savings income, or Capital Gains Tax (CGT) on any investments you have in an ISA, so it may be worth considering using up your ISA allowance each tax year. If you invest outside an ISA, any profits made above the annual CGT allowance, which for the £6,000, are subject to tax at 10% or 20% depending on your tax band. When you invest in an ISA, even if the profit you make is above this £6,000 threshold, you won’t have to pay CGT.
Similarly, the first £1,000 of dividends earned from investments held outside an ISA are tax-free. This is known as the dividend allowance. If you go over this threshold, you'll be taxed at a rate of 8.75% for basic rate taxpayers, 33.75% for higher rate taxpayers and 39.35% for additional rate taxpayers. Dividends received on shares in an ISA are tax-free.
Changes to tax on interest earned outside an ISA, which came into effect on 6 April 2016, may influence the decision for many on whether to hold cash inside or outside of an ISA. Basic rate taxpayers now have an annual tax-free personal savings allowance of £1,000 and higher rate tax payers a £500 allowance, which could see ISAs only being attractive for those with savings income over of these allowances. Additional rate taxpayers don’t have a personal savings allowance.
Even if you have no income tax liability at the moment and large capital gains aren't likely any time soon, it's still worth thinking about keeping your investments inside an ISA.
Building up your portfolio inside an ISA will keep you from having to start paying tax on it later if your tax position changes because you are making larger gains or receiving more income. Remember that tax rules can and do alter over time, and the value of any favourable tax treatment to you will depend on your individual circumstances, which can also change.
If you don’t use your full allowance in the tax year, you can’t carry any unused allowances over into the next tax year.
However, ISAs (except for lifetime ISAs) are now more flexible than ever, so it is possible to withdraw cash from your ISA and put it back within the same tax year without this counting towards your ISA subscription limit for that year. Not all ISA providers may offer this flexibility though, so check with your provider before withdrawing any money. Good record-keeping of annual withdrawals and payments in are strongly recommended.
Investment ISA holders can use existing assets to fund their ISAs and capitalise on their CGT allowance using a technique known as ‘Bed & ISA’. To do this, both accounts need to be with the same provider. Then you sell enough shares held outside your ISA to get enough cash to fund your remaining ISA allowance. This money is then transferred into your investment ISA and use to buy the same shares.
The sale and repurchase transactions are placed sequentially and so you are only ‘out of the market for seconds, minimising the risk of a significant movement in the share price. By placing a ‘Bed & ISA’ trade, we take care of it for you, but you will crystallise any gains that you have made on your investment outside the ISA and this may result in a CGT liability, if you have already exceeded your allowance.
You can Bed & ISA an investment in funds as well – such as unit trusts, investment trusts and exchange-traded funds (ETFs). ETFs, like shares, are transacted in quick succession. But, if you Bed & ISA funds, the repurchase transaction is placed on the next dealing point, and so you would be open to a greater movement in price.
The Bed & ISA tax tool works particularly well for those with substantial shareholdings outside an ISA. With Barclays Smart Investor, there will be no dealing charges to cover for either the sale or repurchase of the assets. You’ll have to pay government taxes, but you’ve successfully moved this portion of your investments into a tax shelter for future CGT savings.
Reduce your taxable income with a pension
ISAs offer favourable tax treatment once your money is in the account. But they don’t help you cut your immediate income tax bill, because your contributions still come out of taxable income. If you want to reduce the amount of today’s income that you’re losing to tax, you could consider paying into a pension, like a workplace pension for example, or a SIPP (self-invested personal pension).
When you make contributions to a pension, you get tax relief from the government. If you’re a basic-rate taxpayer, you’ll receive tax relief of 20% on your contributions, to the extent that you’re paying that much tax. So, if you pay £8,000 into a pension, you’ll get a further £2,000 added through tax relief. If you’re a higher rate taxpayer, you can reclaim up to an additional £2,000. In other words, you’d pay a net £6,000 out of your after-tax income (pay £8,000 but receive tax relief of £4,000 - £2,000 almost immediately and £2,000 via your tax return) and end up with £10,000 added to your pension.
You can receive tax relief on up to £60,000 of pension contributions each year, or 100% of your earnings, whichever is lower. This includes all contributions you make into any pension plans, such as a company pension scheme and payments that an employer, or anyone else, makes for your benefit.
You can also carry forward unused allowances from the previous three years, as long as you belonged to a pension scheme during those years and your total contributions for the year aren’t more than your income amount. As of 6 April 2024, there’ll no longer be a maximum amount of pension savings that you can build up over your lifetime. The limit, known as the lifetime allowance (LTA), is currently £1,073,100. Anything over this was previously taxed at a maximum of 55%, but as of April 2024, this will no longer be the case. Until then, while the LTA remains in place, the LTA tax charge will be removed, meaning no one will pay it from 6 April 2023.
The changes mean that you can save into your pensions without the concern of a lifetime allowance tax charge should you go over the limit.
If your adjusted earnings are greater than £26,0,000, you now lose £1 of tax relief for every £2 you earn over £260,000, up to a maximum reduction of £36,000. This means if you earn £260,000 or more, your annual allowance will begin to drop, with those earning £312,000 or more receiving an allowance of £4,000. Adjusted income includes both personal and employer pension contributions.
The tapered reduction doesn’t apply to anyone with ‘threshold income’ of no more than £200,000. Threshold income doesn’t include pension contributions. Your annual allowance will therefore only be reduced if both your ‘threshold income’ is above £200,000 and your ‘adjusted income’ is over £260,000.
So, for example, if you earn more than £200,000 and you and/or your employer contribute in total the full allowance of £60,000, you might be affected, as your adjusted income will be over £260,000, and your threshold income is over £200,000.
Also, anyone who has drawn more than their tax-free lump sum from their pension will have the amount that they can contribute to a pension reduced to £10,000 or 100% of earnings, whichever is lower, as their annual allowance is replaced by the money purchase annual allowance (MPAA).
Bear in mind that with any pension, your money will be locked away until you reach the age of 55, which is 10 years prior to when you can draw your state pension (this will rise to 57 by 2028). Also, when you’re able to access it again, most of it may have to be taken as taxable income.
Remember, tax rules can change, and this could affect both your future opportunities and existing arrangements. Tax treatment depends on individual circumstances. You might want to get professional advice to help you become more tax-efficient with your investments.
Remember, tax rules can change and this could affect both your future opportunities and existing arrangements. Tax treatment depends on individual circumstances. You might want to get professional advice to help you become more tax-efficient with your investments.
The value of investments can fall as well as rise and you could get back less than you invest. If you’re not sure about investing, seek independent advice. Tax rules can change in future. Their effects on you will depend on your individual circumstances.
The value of investments can fall as well as rise. You may get back less than you invest.
A fully flexible way to invest
Once you’re confident your finances are in order, you need to start planning your investments. Get started by setting financial goals. Are you investing for growth? Or income? We'll help you answer these questions and more in this section.
If you’re new to investing, knowing where to start can be a daunting task. Here, we guide you through your investment journey, from what to consider before you start, the different types of investment account, which might suit you, and the various asset classes. You’ll also learn why it’s important to focus on the long-term as an investor, and create a diversified portfolio which includes a range of different investments.