Tax Free ISA Warning - Hidden Costs That Destroy Your Wealth

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ISAs are widely promoted as tax-free shelters under the Income Tax Act 2007 and Finance Act 2008, shielding you from Income Tax and Capital Gains Tax. But wealthy investors often discover that “tax-free” doesn’t mean risk-free or cost-free.
In this video, we’ll cut through the marketing spin and show the real-world impact of:
• Management fees (typically 0.45%–1.5% annually, FCA data) that erode growth over decades.
• Lifetime ISA withdrawal penalties—25% on withdrawals, meaning a £5,000 balance could fall to £3,750.
• Cash ISAs losing value against inflation (ONS data: CPI averaged 7.3% in 2023).
• Inheritance Tax (IHTA 1984, s.3) applying to ISA balances — ISAs are not exempt from the 40% IHT charge.
• Over-contribution breaches—excess amounts above the £20,000 allowance can be voided by HMRC.
• Investment risk concentration in ISAs without proper diversification.
ONS and HMRC figures reveal that by 2023, there were 12.5 million ISA subscriptions, totalling £726 billion in value—yet many investors misunderstand the net returns after fees, inflation, and IHT.
While celebrities like Shane Filan, Paul Gascoigne, and Chris Eubank have all faced highly publicised financial challenges (not ISA-specific), their examples illustrate how even wealthy individuals can lose fortunes without careful planning.
👉 In this video, we present 10 common ISA tax problems and 8 actionable solutions, including the use of ISAs alongside pensions (SIPPs), trusts, and Family Investment Companies (FICs) for estate planning.
📌 Want to protect your wealth and optimise your ISA strategy? Book a consultation with Optimise Accountants:
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