MSE News: Isa limit to rise in April

Former_MSE_Guy
Former_MSE_Guy Posts: 1,650 Forumite
I've been Money Tipped! Newshound! Chutzpah Haggler
in ISAs & tax-free savings
This is the discussion thread for the following MSE News Story:

"The annual Isa limit for savers is set to rise to around £10,670 from April next year ..."
Read the full story:
Isa limit to rise


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Comments

  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
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    I understand that it will in fact increase to £10680, so that it can be divided into 12 equal payments of £890.

    Has to be good news!
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • edinburgher
    edinburgher Posts: 13,457 Forumite
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    I didn't earn enough to save the full allowance this year and certainly won't next year!

    Strikes me that I'd rather have a salary that rises with inflation than a savings account that increases its limits ;)
  • hansi
    hansi Posts: 3,001 Forumite
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    If you only have a cash ISA as I have, it's only £235 more. Big deal:mad:
  • Lokolo_2
    Lokolo_2 Posts: 1,005 Forumite
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    hansi wrote: »
    If you only have a cash ISA as I have, it's only £235 more. Big deal:mad:

    That's still quite a bit more tax-free though! We are all lucky that ISA limits weren't cut (yet!)
  • david.higson1
    david.higson1 Posts: 3 Newbie
    isa increase , its better than nowt , its money the lazy scroungers wont recieve
  • gt94sss2
    gt94sss2 Posts: 5,625 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    This has to be one of the worst non-stories I have read on MSE and which has been described as 'news'..

    Its described as 'Isa limit to rise to £10,670' but then goes on to say:
    The Office for National Statistics revealed yesterday the September figure stood at 4.6%, leading to the probable £470 rise.

    Therefore, the annual cash Isa limit will rise from £5,100 to approximately £5,335.

    HM Revenue and Customs has yet to officially set the new limit, which may vary slightly from the numbers quoted, but is expected to do so on Friday or early next week.
    Could you just not wait until a formal announcement is made and then report it as news?

    Regards
    Sunil
  • TREVORCOLMAN
    TREVORCOLMAN Posts: 1,001 Forumite
    They are only doing this so that the banks can get more money at say 3% to then lend out at 7%!
    I am NOT a mortgage & insurance adviser - or anything to do with finance, that was put on by the new system I dont know why?!
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
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    edited 14 October 2010 at 6:32AM
    hansi wrote: »
    If you only have a cash ISA as I have, it's only £235 more. Big deal:mad:

    And it will increase at RPI next year again. There really is no pleasing some people is there?

    Anyway, who says you have to put the money in a low rate cash ISA? I have been putting the full £10.2k into a S&S ISA for the last year. So far, I am up far more than any feasible bank loan rate.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    TREVORCOLMAN wrote: »
    They are only doing this so that the banks can get more money at say 3% to then lend out at 7%!
    Why would the bank get more money in? It will simply move from taxed accounts to tax free accounts.
  • Milarky
    Milarky Posts: 6,355 Forumite
    Photogenic First Post First Anniversary
    As well as the observation about multiples of 12, recall that past ISA allowance increases (3 of them) have not been frequent and have been 'political' rather than by 'indexation'. In some ways an annual indexation by itty-bitty amounts - like an extra £240 in 2011, say - doesn't help with the marketing of ISAs by making the amounts you can save quite as well known, like they are today.
    .....under construction.... COVID is a [discontinued] scam
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