Tax Free Savings Plan
A savings plan which lets your clients take advantage of the special tax breaks enjoyed by friendly societies like us.
Our Tax Free Savings Plan is a tax efficient way for your clients to invest for themselves or their children.
They can build up a cash sum to spend as they wish with payments of £25 per month or £270 per year. The plan does this by buying units in our with-profits fund, with the potential for competitive growth over the medium to longer term.
Main Features
- Tax efficient growth.
- If payments are maintained there will be a tax-free lump sum on maturity.
- Growth potential of a with-profits investment.
- Available to both adults and children.
- 10 year term. For children under six the plan will run until the anniversary after their 16th birthday.
- Option to extend the plan by a further 10 years from any anniversary. For example, if your client extended from the fifth anniversary the plan will last 15 years in total.
- Payment options of either £25 per month or £270 per year.
Who can apply for a Tax Free Savings Plan?
To invest in the plan your client must:
- Be aged 17 to 74.
- For children's plans, the child must be 16 or under when the plan starts.
- Live permanently in the a UK.
- Not already have a Tax Free Savings Plan with us or one of these types of plan with another provider.
Important things you should know
This is a stockmarket related investment; your client is not certain to make a profit and could get less than they paid in.