Can a 17 year old take out an isa?
Yes, any one over age 16 can take out a cash ISA, but you need to be over age 18 to utilise the whole ISA allowance and purchase a stocks and shares ISA. Read more of this answer »
Financial Clinic
At Nicholls Stevens we strive to make financial matters as simple as possible. However, there is a great deal of jargon used in our industry and words which are familiar to us, are not equally familiar to our clients. In this section of our website, we aim to share with you some of the questions which we have been asked over the years.
The questions, when posed, are usually prefaced with “ You will think I am really dim but I do not understand……………………………… We do not think you are dim, why should you know these things? What we are really concerned about is that you, the reader, do understand the terminology of financial advice. As we know, knowledge brings power and if you understand the vocabulary of finance then hopefully you will be better equipped to understand the risks you are taking and be empowered to ask the right questions.
If you cannot find an answer to your question, in our previously asked questions, please fill in the request form and we will make sure that a response is shown on the site in due course.
Previous Financial Clinics
My adviser has suggested that I move all my investments onto a “Platform” and has also used the word “Wrap” – I am confused…
A “Platform” or “Wrap” is an administration service which allows you to hold all your investments in one place. The advantage of this is that it is easy for you to see at a... Read more of this answer »
I am always confused when I read advertisements for Building Society accounts, they always quote a “Gross” interest rate, is this the amount I will receive?
In most cases you will receive the interest from a Building Society account net of tax at 20%, so you will only receive 80% of the figure quoted in their advertisement. If you are a non taxpayer... Read more of this answer »
I will reach age 65 in two months time and the Insurance Company has written to me with details of my pension plan, the paperwork indicates that I have an Open Market Option. What does that mean?
This means that if you can find an Insurance Company who will give you greater benefits than those proposed by the existing Provider, you have the right to move the fund. This is a... Read more of this answer »
I want to buy a stocks and shares ISA before the end of the tax year, what should I buy?
Buying a stocks and shares ISA is not as simple as buying a cash ISA, in that instance it is really access and interest rate which is relevant. Buying a stocks and shares ISA... Read more of this answer »