Each year the ISA Allowance is set by the government and any changes in ISA limits are announced in the budget speech. New ISA limits have been introduced which increase the overall ISA allowance.
The latest allowance can be found at the HM Revenue and Customs website.
Mini & Maxi ISA allowances, the new ISA rules
In order to simplify the ISA Structure, the distinction between Mini & Maxi ISAs has disappeared. Nowadays there’s only a distinction between a Cash ISA and a Stocks & Shares ISA. This means an ISA can now contain up to 2 different types of investment: – cash (including national savings plans) and stocks and shares.
ISA investment growth does not normally incur a tax liability which means ISAs tend to be a very popular & tax efficient method of saving. ISAs are flexible because they allow both lump sum investments as well as regular fixed contributions.
Both Cash ISAs and Stocks & Shares ISAs are open to anyone over 18, resident and ordinarily resident in the UK. Anyone over 16 can have a cash ISA.
ISA allowances & limits
Check out the HM Revenue and Customs website for the current ISA allowances and limits or call us on 020 8678 5796.
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