ISA Reform

planteria

George Osborne is delivering in the budget :T

planteria

"13:24: A big reform of the regime for Isas - the highly popular individual savings accounts. Cash and stocks and shares ISAs will be merged into one New ISA. The annual limit for saving in an Isa will be raised to £15,000."

yatinsardana

Watching it live, first impressions - I'm very happy ! Well done to him on that aspect at least

planteria

a great budget for us Investors:)

with Pension improvements too:D

Nednats

It seem like you will now be able turn a S&S ISA into cash.
I have lot in cash ISA and i have been debating turn some of it a S&S ISA as the rates on cash ISAs are so low. But the fact that once you transfer to S&S ISA it can't be turned back is off putting.

Possible Loophole - Take out the full years allowance as S&S and then transfer to Cash. Then you could put double in a cash ISA in a year.

planteria

dont need to use any loophole...it is full access with either Cash or S&S

planteria

to be able save for the long-term in S&S and then move to Cash if it suits later, sounds great.

Nednats

planteria wrote: »

dont need to use any loophole...it is full access with either Cash or S&S

So there won't be 2 allowances?
There will 1 big allowance that can be use for cash or S&S?

yatinsardana

planteria wrote: »

to be able save for the long-term in S&S and then move to Cash if it suits later, sounds great.

I think that's key! Great change - haven't read the small print yet so hope there aren't any bad shocks

mgarl10024

On the face of it, sounds great.

Though, like others, I keep expecting a catch somewhere. That's a lot of tax to give up.

Archi_Bald

No catches.

Lots of links to all the details in this thread: https://forums.moneysavingexpert.com/discussion/4925537