Daily Telegraph article 8th November

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


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?

Comments

  • eskbanker
    eskbanker Posts: 29,849
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    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
    dunstonh Posts: 115,651
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    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?





    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.
  • Albermarle
    Albermarle Posts: 21,094
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     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.

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