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Understanding How ISAs Are Modelled in Timeline Planning

Summary

  • Timeline allows advisers to add Individual Savings Accounts (ISAs) as tax-free investments.
  • Advisers have the flexibility to exceed the real-life annual subscription limit of £20,000 for testing purposes.
  • ISAs can be linked from approved providers or manually inputted.
  • The platform allows for transferring money from General Investment Accounts (GIAs) to ISAs for modelling purposes.

Description

Individual Savings Accounts (ISAs) are a popular tax-efficient investment option in the UK. Timeline Planning provides advisers with the flexibility to model ISAs in various ways, including exceeding the real-life annual subscription limit of £20,000 when stress-testing scenarios. This article explains how ISAs are modelled in Timeline Planning and what is required from the user.

To model an ISA in Timeline Planning, advisers can either link their client’s ISA from an approved provider for live tracking or manually input the client’s ISA balance.

Another approach we often recommend is to add other tax-free investments under the ISA account type for modelling purposes. This enables advisers to assess how a client’s plan would perform when incorporating tax-advantaged accounts that function similarly to ISAs.

GIA to ISA Contribution

Timeline Planning also enables the transfer of funds from General Investment Accounts (GIAs) to ISAs. This feature is particularly useful when modelling the movement of assets into a tax-efficient wrapper.

When investment holdings are sold within a GIA, this may trigger capital gains or losses at the point of sale. Once the proceeds are contributed into an ISA, any future growth and income are sheltered from tax.

Conclusion

Modelling ISAs in Timeline Planning provides advisers with a versatile tool for tax-efficient investment planning. Whether linking an existing account, manually inputting balances, or modelling alternative tax-efficient investment strategies, Timeline Planning provides a flexible framework for incorporating ISAs into comprehensive financial plans.