New ISA Allowance

newbienewbison

The ISA allowance is now £10,200 with £5,100 in cash.

This comes in from next April (this year for over 50's)

nzseries1

A year too late in my opinion, but better late than never.

oldfella

for over 50s not until October ..

Operative date

3. Raising the ISA limits for people aged 50 and over for 2009-10 will have
effect on and after 6 October 2009, and raising the ISA limit to the same

level for all ISA investors will have effect on and after 6 April 2010.

PurpleBox

I'm 47 - no help for me and no incentive to save at all. Making the ISA change effective one year earlier for older people is just awful.

They promised help for savers... another broken promise.

PurpleBox.

chocaholic85

I agree that they should've changed this immediately. Not that it makes much difference to me at the moment, I struggle to save £3600 a year let alone £5100! Hopefully with the help of this site I can change that in time for next year though

Hobo_2

PurpleBox wrote: »

I'm 47 - no help for me and no incentive to save at all. Making the ISA change effective one year earlier for older people is just awful.

They promised help for savers... another broken promise.

PurpleBox.

Ditto
Never understood this ageism thing 50+only, in these PC times
any ideas whats it based on ?

Paul_Herring

Hobo wrote: »

Ditto
Never understood this ageism thing 50+only, in these PC times
any ideas whats it based on ?

From the Budget report itself:

5.43 This will enable people who have retired or are beginning to prepare for retirement to
move taxed savings into a tax-advantaged ISA, rewarding those who have saved by improving
their returns.

(Which totally ignores the laughable rates of most cash ISAs.)

And the reason it's only coming in in October:

5.42 [...] To allow ISA providers time
to adjust their systems, deposits above the current ISA allowance can only be made from
October 2009.

PurpleBox

Hobo wrote: »

Ditto
Never understood this ageism thing 50+only, in these PC times
any ideas whats it based on ?

Yes - I worked hard to pay off my mortgage when the rates were much higher than at present so I'm not getting the benefits of today's lower rates.

Making a distinction based on age is a political act designed to sound good and treats people unfairly - perhaps older people should have a different mortgage rate as well...

It's just another reason that my next political act will be not to vote Labour in the election!

PurpleBox.

Myrmidon_J

PurpleBox wrote:

It's just another reason that my next political act will not to vote Labour in the election!

I am certain that you are not alone!

cyclonebri1

Paul_Herring wrote: »

From the Budget report itself:

(Which totally ignores the laughable rates of most cash ISAs.)

And the reason it's only coming in in October:

:money:Exactly, every money saving site and every advisor goes with the standard "use your tax freesavings allowance 1st". The banks are absolutely preying on this advice by offering abissmal rates of interest on cash isa's. Even with new money it's easy to beat the best isa with a nett figure.
Leave your cash isa where it lies and they screw/laugh at you. We really are being hadover:mad::mad::mad::mad:

bryanb

Not much use to the over 50's if they open a fixed rate cash ISA in April with the max investment of £3600. In Oct the max rises but you can't add to a fixed rate, also you can't open another.