Where to Invest in the UK in 2026: A Complete Guide

Introduction: A strange new equilibrium

Anyone who has tried to organise their finances in the spring of 2026 has had to contend with an unusually awkward backdrop. The Bank of England's Bank Rate sits at 3.75%, having been trimmed from a peak of 5.25% in a sequence of cuts between August 2024 and December 2025, and was held unanimously at that level again at the 19 March 2026 meeting (Bank of England). Yet headline CPI inflation, which had been drifting towards target, reaccelerated to 3.3% in the 12 months to March 2026, up from 3.0% in February, driven mainly by motor-fuel and energy costs following the outbreak of conflict in the Middle East in late February 2026 (ONS). Services inflation stood at 4.5% and core CPI at 3.1%, and the OECD now expects UK inflation to average around 4% for 2026 (House of Commons Library; HomeOwners Alliance).

The gilt market has reacted vividly. The UK 10-year gilt yield stands around 4.86–4.92%, the highest levels for any 10-year gilt auction since 2008, with a syndication on 14 April 2026 pricing at 4.9158% against a record £148bn of investor orders (Trading Economics; Bloomberg). Five-year yields are about 4.40%, thirty-year yields have reached 5.43–5.56%, and real yields on 10-year index-linked gilts recently touched 1.51%, their highest since 2008 (Trading Economics – 5Y; GiltEdge). Against this, the FTSE 100 cracked the 10,000 level for the first time in history on the opening trading day of 2026, having delivered a 21.5% price gain in 2025 – its best calendar year since 2009 and its first year of outperforming the S&P 500 in almost a decade (Morningstar; ABC Money). After touching a record 10,934 on 27 February 2026, the index has consolidated in the 10,400–10,600 range through April amid renewed Middle East volatility (BBN Times; Trading Economics).

The public finances are doing little to calm nerves. Public sector net debt was 93.8% of GDP at the end of March 2026, levels last seen in the early 1960s, with borrowing for the 2025/26 financial year estimated at 4.3% of GDP (ONS). In short, the UK saver and investor in April 2026 faces decent nominal yields across cash, bonds and equities, but also persistent inflation, heavy debt issuance, and geopolitical risk of a sort not fully priced into markets a few months ago.

Past performance is not a guide to future returns, and the value of investments can fall as well as rise. This article is journalism, not regulated financial advice.

1. UK government bonds: gilts take centre stage

The gilt market is the closest UK equivalent to Italy's BTP market, and 2026 has made it mainstream news. Conventional gilts are semi-annual coupon bonds issued by HM Treasury through the Debt Management Office (DMO), with maturities running from a few months to around 50 years (DMO).

The current yield curve (mid-April 2026) is roughly:

1-year: around 4.0–4.2% (short-end yields have tracked Bank Rate expectations)
5-year: 4.40%
10-year: 4.86–4.92% (post-Iran peak)
20-year: approximately 5.2%
30-year: 5.43–5.56%

Sources: Trading Economics; Trading Economics – 5Y; GiltEdge.

How to buy. Retail investors have three practical routes. First, mainstream investment platforms – Hargreaves Lansdown, AJ Bell, interactive investor, Fidelity and Vanguard – all offer direct gilt dealing inside ISAs and SIPPs, usually with dealing fees between £0 and £12 per trade (GiltEdge – how to buy). Second, the DMO's Purchase and Sale Service, operated by Computershare, allows UK-resident members of the Approved Group of Investors to deal directly with a £100 minimum and no commission, although gilts cannot be held in an ISA through this route and prices cannot be specified (DMO). Third, traditional stockbrokers – more expensive, but a good fit for those wanting telephone guidance.

Tax treatment. This is what makes gilts especially attractive in 2026/27. Coupons are taxed as savings income at the investor's marginal rate, but capital gains on gilts are entirely exempt from Capital Gains Tax. With gilts often trading below par, a higher-rate taxpayer buying a low-coupon bond can lock in a yield-to-maturity that is largely tax-free (GiltEdge). Holding them in an ISA or SIPP eliminates income tax on the coupon too.

Index-linked gilts ("linkers") adjust both coupons and principal in line with the Retail Prices Index (RPI), with a three-month or eight-month indexation lag depending on vintage (DMO). Real yields of around 1.5% above RPI on 10-year linkers are the highest available since 2008 – meaningful insurance at a time when the Bank of England itself expects CPI between 3% and 3.5% through mid-2026 (GiltEdge; Bank of England). Do note that RPI is scheduled to be aligned with CPIH from 2030, which will change the indexation calculation on linkers issued under the older methodology.

NS&I: the retail "government bond". National Savings & Investments, backed 100% by HM Treasury without any £85,000/£120,000 cap, is the closest UK equivalent to Italy's BTP Valore. As of April 2026:

Premium Bonds: annual prize fund rate reduced to 3.30% (from 3.60%) from the April 2026 draw, with odds lengthened to 23,000-to-1 per £1 Bond. Minimum £25, maximum £50,000 holding, all prizes free of income tax and CGT (NS&I; MoneySavingExpert)
Direct Saver: 3.05% AER, easy access, up to £2m (GiltEdge)
Income Bonds: 3.01% gross / 3.05% AER, monthly interest
Direct ISA: 3.50% tax-free
Junior ISA: 3.55% tax-free
British Savings Bonds (the rebadged Guaranteed Growth/Income Bonds): 1-year 4.07%, 2-year 3.98%, 3-year 4.02%, 5-year 4.05% on the January 2026 issues (GB News; Moneyfacts)
Green Savings Bonds are still part of the NS&I range, offered as fixed-rate, fixed-term bonds between £100 and £100,000 (NS&I)

None of these rates beats the best of the savings market on a headline basis, but the absolute Treasury guarantee can matter to investors with balances exceeding the FSCS limit.

2. UK savings accounts: still paying, still beating NS&I

The UK high-street proposition is essentially unchanged in structure since 2025 but fractionally less generous in rate. Best-buy rates in April 2026 look like this:

Easy-access: Tembo Money's HomeSaver leads at 4.75% AER (including a 1.75% 12-month bonus); Chase is paying 4.50% to new current-account customers; Cynergy Bank, LHV Bank, Cahoot and Family Building Society cluster around 4.15–4.27% (Moneyfacts; MoneySavingExpert)
1-year fixed: around 4.65–4.70% (Castle Community Bank 4.70% but capped at £85,000 under credit-union rules; RCI Bank UK and Ziraat Bank offer 4.50–4.66%) (GiltEdge)
2-year fixed: up to 4.65% (RCI Bank UK)
3-year fixed: up to 4.60% (RCI Bank UK direct and via Raisin)
5-year fixed: up to 4.67% (Close Brothers Savings)
Short-term fixes: 6-month and 9-month fixes at Cynergy Bank and Union Bank of India UK pay around 4.20% (MoneySavingExpert)
Regular savers: can reach 8% AER, though capped at modest monthly deposits (Kael Tripton)

FSCS protection rose on 1 December 2025 from £85,000 to £120,000 per person per banking institution (£240,000 for joint accounts), a meaningful upgrade that most savers have yet to notice (MoneySavingExpert).

Tax is the detail that catches higher earners. The Personal Savings Allowance still allows basic-rate taxpayers to receive £1,000 of interest tax-free, higher-rate taxpayers £500, and additional-rate taxpayers nothing. In an era of 4%+ rates, roughly £20,000 of savings is enough to exhaust a basic-rate PSA, which is why the Cash ISA wrapper has become more valuable than it was a decade ago (MoneySavingExpert; Fidelity).

Dividend tax is rising too. The Autumn 2025 Budget confirmed that basic-rate dividend tax will rise from 8.75% to 10.75% and higher-rate from 33.75% to 35.75% from April 2026, making the case for sheltering both cash and equities in ISAs materially stronger (MoneySavingExpert; Fidelity).

3. Funds and ETFs: the passive case keeps winning

The UK fund-platform market has never been more competitive. Active OEICs and unit trusts typically charge Ongoing Charges Figures (OCFs) of 0.75% to 1.5%. Passive funds and ETFs cluster much lower: the most popular diversified trackers are:

Vanguard FTSE All-World UCITS ETF (VWRP accumulating / VWRL distributing): OCF 0.22%, over 3,700 companies across developed and emerging markets (Smart Investor UK)
iShares Core MSCI World (SWDA): OCF 0.20%, developed markets only
Vanguard S&P 500 (VUSA/VUAG): 0.07%
iShares Core FTSE 100 (ISF): around 0.07%
HSBC FTSE All-World Index (HMWO) and Invesco FTSE All-World at 0.13–0.15% OCF – the cheapest global trackers on offer (Smart Investor UK)

Platform fees vary sharply with portfolio size. For a £20,000–£100,000 portfolio, the typical hierarchy is:

Trading 212, InvestEngine and Freetrade: zero platform fee, no dealing commission
Vanguard Investor: 0.15%, capped at £375/year on funds; flat £4/month under £32,000
AJ Bell: 0.25%, share-account fee capped at £3.50/month (£42/year); fund dealing £1.50, share dealing from £1.50–£5
Fidelity: 0.35% down to 0.2% at higher balances
Hargreaves Lansdown (from 1 March 2026): platform fee cut from 0.45% to 0.35%, online share dealing reduced from £11.95 to £6.95, but a new £1.95 fund-dealing charge introduced (Trustnet; Which?)
interactive investor: flat £4.99–£12.99/month – the cheapest option for portfolios above ~£50,000

The evidence on active vs passive remains brutal. The S&P Dow Jones SPIVA Europe Year-End 2025 Scorecard recorded one of the worst years on record for UK-focused active managers: 88% of broad UK Equity funds, 89% of UK Large-/Mid-Cap Equity funds, and 97% of UK Small-Cap Equity funds failed to beat their benchmarks in 2025, with roughly 90% underperforming overall across the three categories (Indexology blog; S&P Dow Jones Indices). Underperformance rates rise further over longer horizons.

Tax wrappers are decisive. Outside an ISA or SIPP, the CGT annual exempt amount has fallen to just £3,000 for 2026/27 (from £12,300 in 2022/23), the dividend allowance is stuck at £500, and CGT rates sit at 18% for basic-rate taxpayers and 24% for higher- and additional-rate taxpayers on most assets (GOV.UK; interactive investor; TaxYZ). The mechanical consequence is that anyone investing seriously through a General Investment Account now gives up a substantial slice of each year's returns to HMRC. The Stocks and Shares ISA, with its £20,000 annual allowance and complete tax exemption on growth, dividends and gains, has never been more valuable.

4. UK equities: the FTSE 100 has its moment

For a decade, the FTSE 100 was the sulking underperformer of global markets; in 2025 it emerged, briefly, as a hero. The index gained 21.5% on price terms in 2025, its best calendar year since 2009, then broke above 10,000 points for the first time on the opening trading day of 2026, reached an all-time high of 10,934 on 27 February 2026, and as of late April 2026 sits around 10,400–10,600 after a five-session pullback driven by the Iran conflict and the effective closure of the Strait of Hormuz (Forex.com; Morningstar; Trading Economics). Including dividends, the FTSE 100 Total Return index has risen roughly 19% in the 12 months to late April 2026, putting the YTD 2026 return modestly positive after the mid-April wobble (Investing.com).

Longer-term returns. Over the 20 calendar years 2005–2024 the FTSE 100 delivered a total return of about 243% (roughly 6.3–6.4% annualised including reinvested dividends), and a real return of around 3.5% after inflation (Motley Fool; IG). Over the same period the S&P 500 compounded closer to 10% a year, and £100 invested ten years ago in UK shares is worth around £200 today versus roughly £350 on Wall Street – a gap that, crucially, narrows dramatically once dividends are reinvested (Fidelity).

Dividend yield on the FTSE 100 sits between 3.1% and 3.5% at current prices, with aggregate 2026 FTSE 100 dividends forecast by AJ Bell at a record £88bn – the first year to exceed the 2018 all-time high (MoneyWeek; AJ Bell). The highest-yielding names as of April 2026 include Legal & General, Phoenix/Standard Life, M&G, British American Tobacco, Imperial Brands, Aviva, and Tritax Big Box REIT, with yields ranging from around 5% to over 8% (IG; Motley Fool).

Sector composition remains a world away from the S&P 500: the FTSE 100 is dominated by financials, energy, miners, consumer staples and pharmaceuticals, and structurally underweight technology. This explains both its 2025 outperformance (rising gold, defence and financial earnings) and its long-term lag – and its lower valuation: around 14× earnings against more than 20× for the S&P 500 (Fidelity; Finder). Standout 2025 performers included Babcock International (+146.6%), Rolls-Royce (+95.5%), BAE Systems (~+50%) and precious-metals miner Fresnillo, which roughly quintupled as gold hit record highs (Morningstar; ABC Money). Recent laggards (April 2026) have included Mondi, Fresnillo (after its spike) and Legal & General.

The FTSE 250 mid-cap index, trading around 22,450–22,760 in late April 2026, is up roughly 12.9% in 2025 and a further ~6% YTD, offering more domestic-UK exposure and having broadly matched the S&P 500 over 25 years on a total-return basis (Yahoo Finance; Vanguard VMID; Fidelity).

Stamp Duty Reserve Tax (SDRT) of 0.5% applies on electronic purchases of UK shares (rounded to the nearest penny) – a cost American investors do not pay, and one of the reasons the City has long lobbied for its removal. AIM shares are exempt, and the Autumn 2025 Budget introduced a three-year SDRT exemption for newly-listed UK shares from 27 November 2025 (ii; AJ Bell; Freshfields).

5. UK P2P lending: a market in managed decline

It would be charitable to call the UK peer-to-peer sector "consolidated". It is in fact a shadow of the boom years. Zopa closed its P2P platform to retail investors in December 2021, becoming a bank; RateSetter was acquired by Metro Bank and wound down in 2021; Funding Circle stopped accepting retail investors in 2022; and Assetz Capital shut its retail platform in December 2022 and is running off the loan book over five years, introducing controversial lender and ISA-transfer fees in the process (Crowdfund Insider; Assetz Capital; Financial Ombudsman).

The platforms still open to retail investors in 2026 are largely property-backed:

CrowdProperty – senior secured property development lending, target returns around 7–8%, over £832m funded to date, available within an IFISA (Jean Galea; Crowdinform)
Kuflink – UK property bridging loans, target 7–8%, 70% average LTV; from September 2025 the platform no longer covers investor losses from its own funds (4thWay; Crowdinform)
Loanpad – 4thWay's lowest-risk-rated platform, paying around 5.5% (Classic) to 6.5% (Premier 60-day) on property-backed loans
Proplend – commercial property loans, weighted-average actual returns around 8.5%
CapitalRise – prime-London property development; restricted to high-net-worth, sophisticated or professional investors
Somo – bridging loans, for sophisticated or high-net-worth lenders only
Folk2Folk – rural and regional business loans, fixed ~8.75% yield
The Money Platform – short-term consumer loans, higher-risk, higher-yield

The FCA's December 2019 reforms are what drove the collapse: mandatory appropriateness tests, a 10% portfolio cap on P2P investments for restricted retail investors, and stringent wind-down requirements mean returns in the mid-single digits struggle to compensate investors for illiquidity and credit risk (Jean Galea; The Money Platform). No P2P investment is covered by the FSCS.

The Innovative Finance ISA (IFISA) wrapper still exists, with the same £20,000 overall ISA allowance, and is offered by CrowdProperty, Kuflink, CapitalRise and a handful of others, but the tax-free status does not in any way reduce the underlying capital risk.

6. Property crowdfunding: debt is fine, equity is mostly dead

Property crowdfunding in the UK has effectively bifurcated. Equity-model platforms, which promised a retail experience of buying slices of rental properties, have largely failed. Property Partner, rebranded London House Exchange, is in effective wind-down, selling properties at steep discounts with a Trustpilot rating of 1.3 stars in early 2026 (Jean Galea). British Pearl ceased operating. Losses from Lendy and FundingSecure are a cautionary tale.

What survives is largely property debt: CrowdProperty, CapitalRise, Kuflink, Proplend, Invest & Fund, Somo, Shojin and LendInvest. Debt yields are typically 7–10%, all secured against UK property with first legal charges at average LTVs between 58% and 70%, all within FCA rules restricting marketing to restricted, certified high-net-worth or certified sophisticated investors (4thWay; Crowdinform).

Equity crowdfunding in businesses – Seedrs and Crowdcube – is a different animal, attractive mainly for EIS/SEIS income tax relief and (for the self-possessed) the possibility of a ten-bagger.

For most investors seeking property exposure, the simpler and more liquid route is a UK REIT or REIT ETF. The iShares UK Property ETF (IUKP) yields around 4.3% with an OCF of 0.40% (ValueWalk). Individual REITs offer higher yields: LondonMetric Property (~6.6%), Segro (~4.2%), Primary Health Properties (~6.6%), Tritax Big Box (~5.4%), and Supermarket Income REIT and Regional REIT reaching into double digits – with the obvious warning that the highest yields tend to come with the greatest risk (Motley Fool; Admiral Markets; Yahoo Finance). UK REITs distribute at least 90% of rental profits as Property Income Distributions (PIDs), which are taxed as income rather than dividends outside a wrapper, making ISA or SIPP shelter especially valuable.

7. UK tax wrappers: the first stop, not the last

If there is a single message for the UK retail investor in 2026, it is that every pound you invest outside an ISA or pension is now working against a heavier tax headwind than at any time in the past decade. Income-tax, dividend and CGT thresholds have been frozen or cut; dividend and savings tax rates are rising; and ISA rules are about to tighten.

Stocks and Shares ISA. £20,000 annual allowance for 2025/26 and 2026/27; tax-free growth, tax-free dividends, tax-free withdrawals at any age (YBS; TaxYZ). From April 2024 you can also pay into multiple ISAs of the same type in a single tax year and make partial transfers of current-year money – a genuinely welcome simplification (Aldermore).

Cash ISA. Same £20,000 overall ISA limit, tax-free interest. Critical change: the Autumn 2025 Budget confirmed that from 6 April 2027 the Cash ISA allowance for savers under 65 will be cut to £12,000 a year, with the remaining £8,000 available only in investment ISAs. Those aged 65 and over will retain the full £20,000 cash limit. Existing balances are unaffected (MoneySavingExpert; Starling). 2026/27 is therefore the last tax year in which under-65s can place the full £20,000 into cash.

Lifetime ISA (LISA). £4,000 annual limit (within the £20,000 overall), 25% government bonus up to £1,000 a year, restricted to first-home purchases under £450,000 or retirement from age 60. The LISA is being replaced by a new First-Time Buyer ISA in April 2028, following a consultation launched in early 2026; the new product will drop the retirement function, scrap the 25% withdrawal penalty, and pay the bonus as a lump sum on completion rather than monthly (Tembo; MoneyWeek; Financial Reporter). Existing LISA holders will be able to continue contributing indefinitely.

Innovative Finance ISA (IFISA). Same £20,000 overall ISA limit; used for P2P and property-lending platforms. Yields of 6–10% are possible but, as above, there is no FSCS protection on the underlying assets.

Junior ISA (JISA). £9,000 annual allowance per child for 2026/27, separate from the adult allowance and unaffected by the 2027 cash reforms (YBS; TaxYZ).

SIPP (Self-Invested Personal Pension). Annual allowance £60,000 or 100% of UK earnings if lower; tapered down to a minimum of £10,000 for those with adjusted income above £260,000 (Moneyfarm; Campaign for a Million). Basic-rate relief at 20% is added at source; higher-rate (40%) and additional-rate (45%) taxpayers claim the balance through Self Assessment. Unused allowances can be carried forward for up to three years, giving a potential one-off contribution of up to £240,000. Non-earners can still contribute £2,880 net (grossed up to £3,600). Growth is tax-free inside the wrapper; the normal minimum pension age is 55, rising to 57 from 6 April 2028, at which point you can typically take 25% as a Pension Commencement Lump Sum, subject to a Lump Sum Allowance of £268,275 (Royal London; Standard Life).

Premium Bonds. Already discussed above: £25 minimum, £50,000 maximum holding, 3.30% prize fund rate from the April 2026 draw, 23,000-to-1 odds per £1, all prizes free of UK income tax and CGT (NS&I).

Other 2026/27 notable numbers: Personal Allowance £12,570 (frozen until 2031), higher-rate threshold £50,270, additional-rate threshold £125,140 (England, Wales, NI); CGT annual exempt amount £3,000 at rates of 18%/24%; dividend allowance £500 at 10.75%/35.75%/39.35%; Personal Savings Allowance £1,000/£500/£0 (GOV.UK; Fidelity; The Private Office).

The takeaway is blunt: for almost every UK retail investor, filling a Stocks and Shares ISA and/or SIPP should come before any General Investment Account contribution. The mathematical drag of 18–24% CGT and 10.75–35.75% dividend tax on top of income-tax-frozen bands is now too large to ignore.

8. Comparison table: UK investment options, April 2026

Investment	Typical gross annual return	Risk (1 = lowest, 5 = highest)	Key considerations
Easy-access savings (best-buy)	~4.5–4.75%	1	FSCS-protected to £120,000; rate variable
1-year fixed-rate bond	~4.60–4.70%	1	FSCS-protected; capital locked
5-year fixed-rate bond	~4.60–4.67%	1	Inflation risk over longer term
Premium Bonds (NS&I)	~3.30% prize-fund average (tax-free)	1	100% Treasury-backed; outcome is lottery, not yield
Short-dated Gilts (1–5 yr)	~4.0–4.4% YTM	1–2	CGT-exempt; coupons taxable (ISA-able)
Long-dated Gilts (20–30 yr)	~5.2–5.56% YTM	3	Price volatility; duration risk
Index-linked Gilts	RPI + ~1.5% real	2–3	Inflation hedge; RPI reform in 2030
Global index-tracker ETF (VWRP/SWDA)	~6–8% long-term expected nominal	3	Market volatility; currency exposure
FTSE 100 equities	~6–7% long-term total return (~3.1–3.5% dividend yield)	3	Concentrated in financials, energy, miners; SDRT 0.5%
FTSE 250 mid-caps	~6–8% long-term total return	3–4	More domestic-UK, higher volatility
UK REITs (listed)	~4–10% yield	3–4	Interest-rate sensitive; PIDs taxed as income outside ISA
P2P / IFISA (property-backed)	~6–10%	4	No FSCS; illiquid; platform risk
Property crowdfunding (debt)	~7–10%	4	Secured against property; platform risk
Property crowdfunding (equity)	Variable – many losses	5	Most platforms wound down; minimal liquidity
Equity crowdfunding (Seedrs/Crowdcube)	Highly variable	5	EIS/SEIS relief; most startups fail

Returns are illustrative and historical averages; past performance is not a guide to future results, and the value of investments (including cash in real terms) can fall as well as rise.

Conclusion: Building a UK portfolio in 2026

The UK investor in April 2026 is better paid for doing nothing risky than at almost any point since the financial crisis. Easy-access cash pays 4.5%+, a 1-year fix pays close to 4.7%, a 10-year gilt yields around 4.9%, and even index-linked gilts promise 1.5% above RPI. At the same time, the FTSE 100 has finally rewarded patient domestic investors with its first bout of genuine outperformance in a decade, while dividends from UK-listed companies are set to hit a record £88bn.

But the arithmetic cuts both ways. Inflation is running at 3.3% and may well climb towards 4% if the Middle East conflict drags on. The Treasury is quietly tightening tax thresholds – dividend and savings tax up, CGT allowance cut to £3,000, dividend allowance stuck at £500, and the Cash ISA cap for under-65s about to fall to £12,000 from April 2027. The gap between what you earn gross and what you keep net has widened noticeably for anyone investing outside a wrapper.

A sensible UK investor in 2026 therefore probably does something close to the following, in order of priority:

Builds an emergency fund of three to six months' expenses in a best-buy easy-access account or Cash ISA.
Fills the Stocks and Shares ISA and/or SIPP first, using a low-cost global index tracker such as Vanguard FTSE All-World or iShares Core MSCI World as the core holding.
Uses any SIPP carry-forward to mop up unused pension allowances – particularly for those in the 60% effective tax band between £100,000 and £125,140.
Considers direct gilts for bond allocations, especially low-coupon issues held to maturity to lock in the CGT exemption, and index-linked gilts as inflation insurance.
Adds UK equity income (FTSE 100 / FTSE 250 or dedicated UK funds, plus REITs) as a satellite allocation for yield and valuation diversification against expensive US tech.
Treats Premium Bonds as a place for surplus cash once FSCS and ISA allowances are full – not as an income product.
Treats P2P, property crowdfunding and equity crowdfunding as niche, illiquid, non-FSCS-protected allocations of no more than 10% of investable wealth.

Whatever the allocation, the single most valuable action most UK savers could take in the 2026/27 tax year is to use the full £20,000 ISA allowance before 5 April 2027 – the last time, for under-65s, that all of it can be held in cash. Nothing in markets is certain; the tax wrapper, at least, is.

This article is journalism for general information only and does not constitute regulated financial advice. The value of investments, and the income from them, can fall as well as rise, and you may get back less than you invested. Past performance is not a reliable indicator of future returns. Tax treatment depends on individual circumstances and may change. If you are unsure about the suitability of any investment or tax-wrapper decision, you should take independent financial advice from an FCA-authorised adviser.