Daily Telegraph article 8th November

PeskyBlunder

Did anybody understand exactly what is being proposed by Hunt as described in this article:-

https://www.telegraph.co.uk/money/investing/isas/savers-cash-in-jeremy-hunt-plots-isa-rates-war/

If it really means having the ability to pay in new money to multiple cash ISAs in one year how on earth is the yearly ISA limit going to be policed? Why not just increase the PSA for everyone?

bristolleedsfan

https://www.pressreader.com/uk/the-daily-telegraph/20231109/281483576096965

eskbanker

PeskyBlunder said:

If it really means having the ability to pay in new money to multiple cash ISAs in one year how on earth is the yearly ISA limit going to be policed?

The same way as it currently is, given that there are already four different types of ISA that can be funded concurrently with new money, subject to a shared aggregate limit of £20K, which can only be checked by HMRC after the end of the year.

dunstonh

If it really means having the ability to pay in new money to multiple cash ISAs in one year how on earth is the yearly ISA limit going to be policed? 

They already allow multiple ISAs of different types and that works ok.     Allowing multiple of the same type won't make any difference as the reporting is exactly the same.   i.e. You NI number and the total contributions paid across all ISAs.

Why not just increase the PSA for everyone?

Have you not realised that the current trend of taxation is to take from wealth rather than give wealth more back?

Albermarle

 Why not just increase the PSA for everyone?

The ability in the UK to get quite significant amounts of savings interest tax free ( PSA, ISA's etc ) is already very generous by international standards.