Tuesday, 25 March 2014

Changes to ISAs – Budget 2014

As revealed last week in the Budget, from 1 July 2014 ISAs will have a new annual limit of £15,000 as opposed to £5,760 which is the current limit to cash ISAs and £11,520 for stocks and shares ISAs. The NISAs (New Individual Savings Accounts) will allow for greater saving without the need to pay tax and also reduce confusion between the different limits.

Money can be transferred from previous ISAs into the NISA to enable individuals to benefit from the increased limit.

Junior ISAs and Child Trust Funds will be increased to allow individuals to invest £4,000 a year, up from £3,720.

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