From Autumn 2015, changes will allow ISA savers to withdraw and replace money from their cash ISA without it counting towards their annual ISA subscription provided that they make the repayment in the same tax year as the withdrawal.
This is great news that will see savers have greater flexibility with their ISA accounts and it be possible to access their funds during the tax year without impacting on the ability to maximise their subscription amount.
Other changes saw the ISA rules amended to provide for the spouse or civil partner of an ISA saver, who died either on or after 3rd December 2014. The spouse or civil partner will be able to receive an additional ISA allowance from 6th April 2015 up to the value of the deceased saver’s ISA at the time of their death. Additionally, the ISA allowance will not count against the surviving spouse’s/civil partner’s ISA annual allowance.
For the 2015/16 tax year, the maximum subscription for all investors will be £15,240, this equates to £30,480 for a married couple each year!
Since 5th August 2013, it has also been possible to invest in AIM (Alternative Investment Market) shares through ISAs.
If you’d like advice or information on savings and investing or you’d like to make an appointment to see a Financial Adviser, please don’t hesitate to get in touch.