Higher tax payers should transfer ISAs to SIPPs

The firms says investors who do not need instant access to their ISA cash can use tax relief to get more out of their assets without investing any new money. Killik & Co's managing director of financial planning, Malcolm Cuthbert, claims a 50-year old higher rate taxpayer can use increase ISA savings by 114% without taking any investment risks. If £8,000 were transferred from an ISA into a SIPP, then the investor receives £2,000 tax relief and can reclaim a further £2,000 on their tax return, gaining £10,000 from a £6,000 net investment. Provided the investor is over the age when they...