S&S ISA Limit of £3000 going up from 6/4/05

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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freaksaverfreaksaver Forumite
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi All

I have just recieved a letter from Royal London (who I currently have a Stocks and Shares ISA with at the mo) and they have said

"Currently you are allowed to pay £3000 per annum into your Mini ISA component. The rules laid down by the Inland Revenue are changed and from 6/4/05 you will be entitled to contribute up to £4000 per annum, either by single payment or by regular premium/direct debit"

Has anyone else heard about this or has this come out of the blue, also does anyone know if any other limits have been changed???

Freaksaver

Replies

  • isasmurfisasmurf Forumite
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    This announcement was proposed in late 2003 and approved late last year.

    It comes about because the Insurance component is being merged with the Stocks & Shares component, so the £1,000 you were allowed to contribute to an Insurance ISA is tagged on to the Stocks & Shares ISA. The result being that you will be able to invest £4,000 in Stocks, Shares and Insurance.

    There are no other changes to limits for the coming year.
  • dunstonhdunstonh Forumite
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    Came across the Royal London insurance ISA with a client for the first time last week. Dire product. If it is that part you are paying into, then you may wish to review your ISA.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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