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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