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About Us |
Savings
ISA Rule Changes |
From 6 April 2008, ISA rules have changed...
It's great news, they've become simpler, more flexible and you can save even more.
Here's how the new ISA rules affect you:
- The total annual investment has increased to £7,200
- Up to £3,600 can be saved in a cash ISA with one provider in each tax year. The remainder can be invested in a Stock and Shares ISA with the same or another provider. So, if you invest less in a cash ISA you can invest more in a Stocks and Shares ISA.
- The Maxi and Mini distinctions have been removed.
- Mini Cash ISAs, Tessa Only ISAs and the cash component of the Maxi ISA have automatically become cash ISAs.
- From the 2008/2009 tax year, provided you are aged 18 or over and have subscribed to a cash ISA, you are able to transfer your cash ISA subscription (up to £3,600) to a stocks and shares ISA without it affecting your current year’s cash ISA allowance (subject to the overall subscription limits). You can also transfer previous years’ cash ISA subscriptions to a stocks and shares ISA. This could provide a greater potential return if you are prepared to take the risk and save over the medium (at least 5 years) to longer (over 10 years) term. However, the value of stocks and shares can fall as well as rise and you may get less back than you invested. Please contact us for more information.
More information
To find out more about the ISA changes, call us on 0845 129 5096* or visit your local branch.
*Lines are open 8am-8pm Monday to Friday, 9am-12 noon Saturdays. Calls may be recorded and/or monitored. Calls from a BT Together landline will cost no more than 4 pence per minute plus a call set up fee of 6 pence. Mobile and other providers' charges may vary.
