Guidance & support

Your time saving guide to ISAs

ISAs are an easy way to save tax-efficiently and each tax year UK residents are entitled to an ISA allowance. There are four main types of ISA: a cash ISA, an innovative finance ISA, a lifetime ISA and a stocks & shares ISA. The government sets the allowance limits for each tax year.

What's a Cash ISA?

A cash ISA is basically just a savings account, so you'll receive a rate of interest on your savings which is paid to you 'gross', so your returns are tax-free.

What's an Innovative Finance ISA?

At the 2015 Summer Budget, it was confirmed by HM Treasury that holding peer-to-peer (P2P) loans within Individual Savings Accounts (ISAs) would be launched. As of 6 April 2016, lenders are able to enjoy tax-free interest courtesy of the new innovative finance ISA (IFISA), which will cover loans arranged through peer-to-peer (P2P) platforms that have received full authorisation from the FCA, and ISA manager approval from HMRC. RLUM Ltd does not offer innovative finance ISAs. Note the following apply.

  1. The overall limit of £20,000 applies for 2019/20.
  2. Any contribution made to a cash ISA, and / or a lifetime ISA and / or stocks & shares ISA must be counted in the overall contribution towards the annual ISA allowance.
  3. Contributions to the annual ISA allowance, either cash, lifetime ISA, stocks & shares or innovative finance ISA can be in any combination providing the overall allowance is not exceeded.
  4. As with stocks & shares ISAs, cash ISAs and lifetime ISAs, you can only invest in one innovative finance ISA per tax year.
  5. Applicants must be 18 or over.

What's a Lifetime ISA?

The lifetime ISA, which was announced in the 2016 Budget, is a new type of Individual Savings Account (ISA) designed to help you save for a first home or for your retirement at the same time. RLUM Ltd does not offer lifetime ISAs. Note the following apply.

  1. You can open a lifetime ISA if you are aged 18 to 39
  2. You can save up to £4,000 tax-free in each year up to the age of 50
  3. The government will pay a 25% bonus on these contributions, up to £1,000 a year
  4. You can use some or all of the money to buy your first home, and/or you can keep it in the lifetime ISA to help fund your retirement, and can access it without charge from the age of 60

What's a Stocks & Shares ISA?

Stocks & shares ISAs are simply a tax-efficient umbrella under which you can invest in our unit trusts. This means you have no further tax to pay on your investment returns and unlike most investments you don't need to record your ISAs in your annual tax return.

ISA allowance for 2019/20

The ISA allowance for 2019/20 is £20,000.
You can use your allowance to invest in a cash ISA, a stocks and shares ISA , a lifetime ISA, an innovative finance ISA or any combination of the four.

Additional Permitted Subscriptions

New rules, introduced by the government in April 2015, allow a surviving spouse or civil partner to benefit from an additional ISA allowance. The allowance is equivalent to the value of their partner's ISA at the time of their death.

What's a Unit Trust?

Unit trusts are collective investments - meaning your money, along with other investors' monies, is pooled together into a fund referred to as a 'unit trust'.

All of our unit trusts are managed on your behalf by a professional investment manager supported by a team of experts, who are responsible for investing the money to achieve each fund's particular objectives.

Unit trusts are considered medium to long term investments, ideally you should be prepared to invest your money for 5 years or more.

Our range of funds are designed to meet your personal requirements whether you're new to investing or an expert.

It is likely there will be ups and downs along the way and past performance is not a reliable indicator of future results. Please remember that unit trusts are stock market-based investments and their value can fall as well as rise. The capital invested is not guaranteed and you may get back less than you put in.

Top six common enquiries

1. Where can I get help with my investments?
Open Close/Open

We're always here to help you manage your investment with us and if you need any help you can call us on 03456 057777. We can't provide you with financial advice though, so if you feel you need advice you should speak to a financial adviser. For more information visit

2. Is my money safe?
Open Close/Open

Yes it is. We are covered by the Financial Services Compensation Scheme. This scheme is designed to protect investors should a financial services company become insolvent and not be able to meet its obligations to you. The maximum amount which you are covered for under the scheme for unit trust investments is £50,000 per person, per organisation. Please click here for further information or visit

3. Are my investments affected now Royal London have taken over
The Co-operative Investments?
Open Close/Open

No. The move to Royal London doesn't affect your product's terms and conditions and your investment will continue just as before. Find out more

4. How can I find out how my investment is performing?
Open Close/Open

You can find out how your investment is doing by taking a look at the latest fund performance factsheets.
You'll find them here just click on the fund you are interested in.
You can also check the daily unit price in our price information on our homepage and you can get an estimated fund value here.
Please remember that this is an illustration only and for an accurate value you'll need to call us on 03456 057777.

5. Who should I make my cheque payable to?
Open Close/Open

You should make your cheque payable to RLUM Ltd. Please remember to sign your cheque. Unfortunately, we cannot accept post-dated cheques.

6. Can I change my mind after I invest?
Open Close/Open

Yes. When you invest in one of our unit trusts, there is a 30 day 'cooling off' period, this gives you more time to consider the investment you have made with us. However, if you invest a lump sum and the unit price of your chosen trust(s) falls between the time you buy and the time you tell us you have changed your mind, you will not get back the full amount of your investment as it will be adjusted for that fall in value.