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.