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MSE News: Budget 2016: Cash ISA allowance up to £20,000 in 2017

MSE_Luke
MSE_Luke Posts: 295 MSE Staff
Fourth Anniversary
in Savings & investments
Savers will be able to save £20,000 a year in an ISA from April 2017, Chancellor George Osborne has announced...
Read the full story:
'Budget 2016: Cash ISA allowance up to £20,000 in 2017'
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Comments

  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Maybe move to your Tax free ISA section on this forum?
  • jimjames
    jimjames Posts: 18,584 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Why does the title say £20k in a cash ISA? Surely it's not just a cash ISA limit and applies to S&S ISAs and IF ISAs too
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Flobberchops
    Flobberchops Posts: 1,279 Forumite
    1,000 Posts Fifth Anniversary Combo Breaker
    jimjames wrote: »
    Why does the title say £20k in a cash ISA? Surely it's not just a cash ISA limit and applies to S&S ISAs and IF ISAs too

    Possibly to differentiate Help to Buy and the upcoming Lifetime ISAs from "normal" ISA limits?
    : )
  • jimjames
    jimjames Posts: 18,584 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Flobberchops wrote: »
    Possibly to differentiate Help to Buy and the upcoming Lifetime ISAs from "normal" ISA limits?

    Exactly, so why does it say cash ISA?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • masonic
    masonic Posts: 26,982 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    jimjames wrote: »
    Exactly, so why does it say cash ISA?
    Probably because the main site has adopted a position that it will do all it can to promote cash ISAs as a sensible place for most people to put their money, despite most people having better alternatives available to them.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Flobberchops wrote: »
    Possibly to differentiate Help to Buy and the upcoming Lifetime ISAs from "normal" ISA limits?

    There are no extra allowances for the HTB ISA, and there won't be any extra allowance for LISA. The total adult ISA allowance is £15,240 for 2016/17, rising to £20,000 for 2017/18.

    Out of this total allowance, people can allocate:
    • £2,400 to the HTB ISA if they are eligible
    • £4,000 to the LISA if they are eligible (not until next year, obviously)
    • any remainder as they like across cash / S&S / IF ISA
  • amistupid
    amistupid Posts: 55,997 Forumite
    Part of the Furniture 10,000 Posts Photogenic I've been Money Tipped!
    My ISAs are like my sex life; the more I put in, the less interest I seem to get.
    In memory of Chris Hyde #867
  • jimjames
    jimjames Posts: 18,584 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    amistupid wrote: »
    My ISAs are like my sex life; the more I put in, the less interest I seem to get.

    But without an ISA you have the option to get much more interest. Not sure if the same happens if you ditch your other half :)
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    ISA, ISA everywhere, but not a drop of interest worth drinking.
  • talexuser
    talexuser Posts: 3,526 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I think it's brilliant, can't wait to top up 20k in S&S ISA and then sit back and watch it grow. Surely a lifetime limit on ISA capital must be on the cards at some time in the future? 25 years of 20k would be half a million free of all dividend/interest and capital gains tax?
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