For someone who’s willing to take a patient approach when it comes to building wealth, a Stocks and Shares ISA can offer interesting potential.

The large number of ISA providers in the market can mean it’s possible to get a very good deal when it comes to costs like management fees and stockbroking commissions.

The tax benefits of the ISA structure can also be attractive for someone aiming to build wealth, as both capital gains and dividend income earned inside the ISA can be shielded from tax.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

So, say someone has an empty ISA today and wants to build it to a valuation of over £50k. There are different approaches they could take – here are a couple of factors that could help.

Investing the right amount

Different people have different amounts they are able to invest. Even the same person can find that their ability to put spare money into a Stocks and Shares ISA ebbs and flows over time, depending on what else is happening when it comes to their finances.

Still, as a broad principle, the more money someone is able to put into an ISA, the faster it ought to grow, all other things being equal.

To illustrate, if someone starts with an empty ISA and invests £100 per month, compounding it at 5% annually, it ought to take 23 years to hit a valuation of £50k.

At a £250 monthly contribution rate, that would fall to 13 years. For someone able to put away £1k each month, the timeline to hit £50k would fall to four years.

Thinking about sources of growth

Another factor’s where the growth may come from.

In broad terms, shares can be broken down into growth and income shares.

That’s not a hard and fast distinction. Some shares deliver both – while some disappoint, providing neither.

But it is helpful when buying a share to have an idea of how it could hopefully help grow the ISA’s valuation.

Does the share price look undervalued compared to what you think the business will be worth over the long term? Could dividend income be substantial? Or might both happen?

Some investors buy shares they like without having a view on what the source of value growth over time is likely to be. But remember – an attractive business doesn’t always make for an attractive investment.

I like this share’s growth and income prospects

One share I think investors should consider in the current market both for its long-term growth and income potential is Hollywood Bowl (LSE: BOWL).

The bowling lane and mini-sports leisure operator currently offers a yield of 4.9%.

I think it has the potential for dividend growth in coming years if the company can successfully expand its business. Not only could the UK market help that, but expansion in the Canadian market is another opportunity for Hollywood Bowl.

Revenue’s been growing handily in recent years. Last year it topped £250m.

I like the company’s proven business model, the expansion opportunities and the strength of the international brand in a market that remains heavily fragmented.

Weak consumer confidence could eat into discretionary leisure spending, though, and I see that as a risk to revenues.

On balance though, I think Hollywood Bowl has a promising future.

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Christopher Ruane does not hold any positions in the companies mentioned.