Labour £100k ISA cap?

Ayr_Rage

How is this going to be determined if the crystal ball gazing is proved to be correct?

£100k in subscriptions?

Backdated to when?

My S+S ISA capital amount has varied by more than the annual limit in a day on occasions.

If implemented it'll be an absolute minefield to police as people will have their money spread all over the place.

Sea_Shell

One could have £101k in a S&S ISA, which could easily become £90k overnight.

Would you then be allowed to add £10k in again 😉

Unworkable probably, and cost more to administer than it makes.

Can see reduced annual limits though.  £10k ?

We'll know soon enough.

badmemory

These rumours are getting extremely tedious.  I am going to start a new one.  They are going to put an untaxed limit on ISA interest of £5k pa.  Even better they will then need to employ several thousand more in HMRC to administer it.  There - 2 problems solved in one go.

hugheskevi

And what about the children? Who is thinking of them?

Junior ISA wealth boom: number of kids with more than £100,000 trebles in a year

valueman1

I think Labour have noticed the reports that some people have over £1m in their ISAs and think it’s unfair. However, I can’t see them forcing people to take money out of a tax wrapper.  More likely to cap annual contributions to a much lower figure.

Albermarle

valueman1 said:

I think Labour have noticed the reports that some people have over £1m in their ISAs and think it’s unfair. However, I can’t see them forcing people to take money out of a tax wrapper.  More likely to cap annual contributions to a much lower figure.

Last time it was increased was 2017.
Inflation has already dropped its real value to less than £15K.
I can not see her bothering making these minor changes as they will not bring in much money.
So the hassle vs benefit does not work out.

VNX

born_again said:

Seems fair to limit the amount you can keep in a ISA wrapper.

Not many people will get to £100K in a ISA.

Why does it make it fair just because most people won’t achieve it?

The_stingemeister

born_again said:

Seems fair to limit the amount you can keep in a ISA wrapper.

Not many people will get to £100K in a ISA.

Absolute nonsense. If you've worked hard and stinted on your spending for your latter years why should you be penalised.