Great news to Savers arrives today in the form of the ‘NISA’! Changes coming in today mean you will be able to put up to £15,000 into your ISA.
From today (1st July) all existing ISA’s will become New ISA’s (NISA’s). At present, the total amount you can pay into a cash ISA in any tax year is £5,940. If you have a stocks and shares ISA, you can also have a cash ISA but the combined amount you pay into your cash and stocks and shares ISA cannot exceed £11,800.
From today, savers are able to move more freely between shares and cash at any time, using the full £15,000 to invest in the stock market, cash or a mix of both. For example:-
From today, you could have £15,000 in a cash NISA and nothing in a Stocks and Shares NISA. You could have £5,000 in a cash NISA and £10,000 in a Stocks and Shares NISA etc.
If you have already used your tax free allowance for the year, you are able to now top this up by an extra £3,120!
No one likes paying more tax than necessary – call us today and take advantage of the new higher limit! – 01524 416511.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.