what is a Stocks and shares ISO account(ROTH IRA in US) and how does it work?
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In the UK, an ISA then it’s an account where you can buy stock and any sales or dividends you get are tax free.
The catch is that you can only invest £20k per year into the ISA.
This cash inflow is not net of anything you withdraw: if you invest £20k and then within the same tax year realise you need to withdraw £20k, you’ve effectively screwed yourself for that particular year.
Also – you can have multiple ISAs, but you can only invest in one ISA per tax year.
Other factors include not being able to use your ISA stocks as loan collateral.
Obviously, this is just musings. For proper advice, seek a financial expert.
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