Changes to the ISA Subscription limits
The ISA subscription limit from 6 April 2014 until 30 June 2014 will increase to £11,880 for anyone eligible to invest in an ISA. Up to £5,940 of the ISA allowance can be saved in a Cash ISA with one provider. The remainder of the £11,880 can be invested in a stocks and shares ISA with either the same or another provider. Alternatively, the full £11,880 can be invested in a stocks and shares ISA with one provider.
New ISA (NISA)
From 1 July 2014 ISAs will be reformed in to a simpler product, the New ISA (NISA). All existing ISAs will become NISAs and account holders will benefit from new flexibility in relation to their accounts, as well as an increased overall subscription limit. From 1 July 2014, the overall ISA subscription limit for the tax year 2014/15 will be £15,000. New subscriptions can be split in any proportion between Cash and Stocks and Shares NISAs, however, you will only be able to pay into a maximum of one Cash NISA and one Stocks and Shares NISA each year. Any subscriptions made to an ISA since 6 April 2014 will count against the NISA subscription limit for the tax year 2014/15, and account holders who have paid into a Cash or Stocks and Shares ISA since 6 April 2014 will not be able to open a NISA of the same type before
6 April 2015.
For more information on the changes to ISA accounts visit your local branch or call us on 0121 557 2551.