You’ll probably remember last year it was announced that the ISA limit for the 2015/16 tax year would increase from £15,000 to £15,240 and many were hoping that there would be a further rise for the tax year beginning 6th April 2016.
Unfortunately today, the Chancellor of the Exchequer George Osbourne has announced that the current ISA limit of £15,240 will remain into the next tax year, as will the limit for the Junior ISA and Child Trust Fund (£4,080).
On a positive note, from 1st December this year, the new Help To Buy ISA will be introduced for those First Time Buyers looking to purchase their very first property in the future. Read more in these articles: Help to Buy ISA Help to Buy Scheme
Still more good news, from 6th April next year, basic-rate taxpayers will be able to earn £1,000 in savings interest before paying any tax, and higher-rate payers will be able to earn £500.
If you’d like to chat about your investments, you’ve got a question about ISAs or savings or anything else finance related then why not get in touch? Simply complete the form below and we will respond as soon as we can.