ISA allowance - 2013/14?

lisyloo

£11520 according to the BBC.
Now we do KNOW :-)

veryintrigued

£11,520 in total it is!!

£5760 for cash!!

veryintrigued

lisyloo wrote: »

£11520 according to the BBC.
Now we do KNOW :-)

Clearly quicker at typing than me!!

Academic

coastline wrote: »

http://www.icl-ifa.co.uk/2012/10/2013-14-isa-allowance/

veryintrigued wrote: »

This ones a great link - thanks for that

Bit worrying that an IFA can't do simple maths and calculate the uplift based on 2.2% CPI correctly.............

Maybe they should change their name to 'Ill-Informed Choice'

jimjames

Academic wrote: »

Bit worrying that an IFA can't do simple maths and calculate the uplift based on 2.2% CPI correctly.............

Maybe they should change their name to 'Ill-Informed Choice'

Except that link dated Oct 2012 is purely an predicted amount and clearly states

We will need to wait for confirmation of these figures in the Autumn Statement which the Chancellor will deliver on 5th December 2012.

So I'm not sure how you can infer anything on their maths based on their blog post 2 months before the actual numbers when it also explains their logic.

Academic

jimjames wrote: »

Except that link dated Oct 2012 is purely an predicted amount and clearly states

We will need to wait for confirmation of these figures in the Autumn Statement which the Chancellor will deliver on 5th December 2012.

So I'm not sure how you can infer anything on their maths based on their blog post 2 months before the actual numbers when it also explains their logic.

It is quite easy to infer something about their maths as the calculation for ISA uplift is reasonably straight forward:

Take the announced CPI figure (2.2%), apply this increase to the 2012/13 ISA allowance (£11,280), this gives an increase of £248.16. This figure is then 'rounded' up or down to the nearest multiple of 120, so £240 (2x £120), and add this to the 'old' ISA amount (£11,280 + 240) giving a 2013/14 ISA allowance of £11,520.

At the risk of blowing my own trumpet I'd refer you to the following post I made on 16th October, the same date as the numerically challenged IFA, and also 2 months before the 'actual number'.