Reminder-New ISA allowance from 1 July

Tax Comments Off on Reminder-New ISA allowance from 1 July

On 1 July 2014 ISAs were reformed into a replacement product- the New ISA (NISA) – and all existing ISAs will automatically become NISAs.

The annual allowance of £11,880 increased to £15,000 which can be made up of cash, stocks and shares or a combination of both.

Key aspects:

  • Investments can be transferred from a stocks and shares NISA to a cash NISA
  • Savers can open 1 cash NISA and 1 stocks and shares NISA each tax year
  • The Junior ISA annual limit increased to £4,000.

For more information please contact Sue Stephens or John Elliott.