MSE News: Isa limit to rise in April

Former_MSE_Guy

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

Jonbvn

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!

edinburgher

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

If you only have a cash ISA as I have, it's only £235 more. Big deal:mad:

Lokolo_2

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

isa increase , its better than nowt , its money the lazy scroungers wont recieve

gt94sss2

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

They are only doing this so that the banks can get more money at say 3% to then lend out at 7%!

Jonbvn

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.

opinions4u

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

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.