2024 Budget - "UK ISA" and SAYE transfer

vacheron

Hi knowledgeable people. 

I noticed in the budget today the proposal for the new "UK ISA" which is an additional £5000 ISA allowance for investment in UK Companies. 

I am currently contributing to a SAYE Sharesave scheme with our parent company which is UK based (listed on the FTSE 250). 

When the scheme matures I am usually able to "Bed and ISA" these shares directly into an ISA without selling, and in doing so releasing an undesirable capital gain, as this is permitted under the SAYE rules. 

My question is, as these shares are in a UK company, will I now be able to Bed and ISA £25,000 worth of shares rather than the current £20,000 maximum?

Hoenir

No. It's currently in consultation stage. Logical start date would be at the April 2025 tax year. 

vacheron

Hoenir said:

No. It's currently in consultation stage. Logical start date would be at the April 2025 tax year. 

Is that "no" as in it won't be allowed, or "no" as in I won't be able to do it in the 24-25 tax year?

To clarify my current scheme won't mature until January 2027, I just like to plan ahead.

eskbanker

There's a thread about the UK ISA on the savings & investments board, linking to the consultation document, etc, but yes, as above, it's far too early to know details as they're still very much to be decided:

https://forums.moneysavingexpert.com/discussion/6511249/finally-isa-increase-sort-of