Budget: £15000 ISA Limit from 01/07 for Cash OR S&S

knack92

abacus11 wrote: »

A lot of the questions about how this works are answered in the document linked from HMRC's website.

The document you want is "New ISA, Junior ISA and Child Trust Fund: increasing the flexibility for savers and investors: guidance".

I can't post a link to it as a new user.

You can find that document here.

Herbalus

veryintrigued wrote: »

i.e. more money being pushed into ISAs - will the institutions take this opportunity to reduce rates even further?

Will the institutions take advantage and reduce the cash ISA rates even further?

Surely not?

I doubt it.

Also, making an ISA more accessible bizarrely might mean less money goes into them now, as current accounts pay higher interest and people are more willing to leave ISAs for the higher rates exactly because an ISA will allow more money for when the rates rise in future years.

Ignatius_A

My unanswered question is: If you have

1) a cash isa
2) an investment isa holding funds/shares/bonds/whatever

how do P2P lending funds fit into this equation?

Will they be an investment credited to the investment ISA? Will you have a separate P2P isa alongside the other two ISAs? Does having a P2P isa preclude you from having a separate investment ISA for stocks and shares?

So many questions, even before you start looking at how short changed people who have just opened a 5 year savings isa are going to feel if they can't change their payments...

DragonQ

veryintrigued wrote: »

Almost - see factsheet.

£5940 up to 1st July and then up to the £15k (i.e. a further £9060) between 1st July 2014 and 5th April 2015.

That messes up the Regular Saver ISA I had planned in!

Yeah that makes sense. So no real incentive to rush to put money into a cash ISA with current poor rates.

karlie88

Nisa should start to offer NISAs.



http://www.nisalocally.co.uk/

datostar

yatinsardana wrote: »

I've never transferred money between isas in the past. Do you know how easy it is to transfer money?
Previously you've been able to transfer from cash to stocks - any experience on how quick and easy it is?

I've done it twice, from Cash ISA to S&S ISA with M&G Investments. Get the form from the S&S provider, specify the amount you want to transfer (if from previous years' subscriptions) and which funds you want it go into and they do all the work. Just like transferring between cash ISAs. The same time limits apply.

zerog

Does the government really make a lot of money from taxing savings? Why not just let all savings be tax-free?

I think I may wait until July and just put 15k at once. Hopefully there will be another "ISA season"

Biggles

DragonQ wrote: »

Another point is what happens between 6th April and 1st July? Can people deposit £5940 before July, then deposit a further £15,000 afterwards?

The key phrase is 'annual limit'.

Nednats

Ignatius_A wrote: »

My unanswered question is: If you have

1) a cash isa
2) an investment isa holding funds/shares/bonds/whatever

how do P2P lending funds fit into this equation?

Will they be an investment credited to the investment ISA? Will you have a separate P2P isa alongside the other two ISAs? Does having a P2P isa preclude you from having a separate investment ISA for stocks and shares?

So many questions, even before you start looking at how short changed people who have just opened a 5 year savings isa are going to feel if they can't change their payments...

Will P2P become regulated? As P2P maybe more risky than S&S.

I was tempted to transfer some of my ISAs to a 5 year account to try to get the best rate but I decide to wait an see what the new tax year would bring.

CLAPTON

DragonQ wrote: »

10% savings tax band is being abolished too, although not relevant to ISAs.


This is true. Looks like more flexibility for past years' savings but less for current year savings.

the 10% saving tax band isn't being abolished : in fact it's being doubled but the tax rate is being reduced to 0%

so if you only had saving interest you could have tax free
10,000 + 5,000


from april 2015