Cash ISAs capped at 12,000 (a year)

Audaxer

knigma said:

Any idea what this means for transferring £20k+ from a S&S ISA to a Cash ISA, and how this will be restricted?

I don't think transferring existing ISA balances would be restricted as she only referred to changing the annual ISA allowance split, and not until 2027. 

SiliconChip

Kim_13 said:

jungleboy123 said:

why have they gone for under 65 to target? 

Because it would be irresponsible to suggest that those in later life should invest in the same way, when they would be more likely to need to access the money to pay for care etc. Nothing should be invested that can’t safely stay there for 5+ years. 

There's nothing wrong with suggesting it, I'm in the over 65 group and I've already started to split my ISA contributions between Cash and S&S providers. What would be irresponsible is insisting on it.

artyboy

There are S&S ISAs that pay decent rates on uninvested cash. Just sayin'

Time2Go_25

Audaxer said:

knigma said:

Any idea what this means for transferring £20k+ from a S&S ISA to a Cash ISA, and how this will be restricted?

I don't think transferring existing ISA balances would be restricted as she only referred to changing the annual ISA allowance split, and not until 2027. 

One of the questions I get, is if you put your £20k in a S&S ISA, can you transfer it to a cash ISA

jimjames

artyboy said:

There are S&S ISAs that pay decent rates on uninvested cash. Just sayin'

The average person won't bother with that, even getting some people to use an ISA in the first place is hard enough so anything more difficult or complicated won't be seen as worth the effort

artyboy

jimjames said:

artyboy said:

There are S&S ISAs that pay decent rates on uninvested cash. Just sayin'

The average person won't bother with that, even getting some people to use an ISA in the first place is hard enough so anything more difficult or complicated won't be seen as worth the effort

Well yes of course, but then by definition, it's more the people that do know how to use the system that she is trying to target here...

jak22

From threads many are already confused by ISA rules and individual banks' various T&Cs - this won't fix anything but make things even more complicated - e.g, it's not clear whether its the first tax year after reaching 65 or straight way and how will banks check it - plus loopholes already appearing like going via a S&S ISA

Just as bad are the rises to dividend and savings interest tax rates.

eskbanker

jak22 said:

From threads many are already confused by ISA rules and individual banks' various T&Cs - this won't fix anything but make things even more complicated - e.g, it's not clear whether its the first tax year after reaching 65 or straight way and how will banks check it - plus loopholes already appearing like going via a S&S ISA

Just as bad are the rises to dividend and savings interest tax rates.

But these measures are clearly designed to increase tax revenues rather than to simplify the taxation regime as such, so it's unsurprising that there's more complexity being introduced?  Clearly there will need to be detail in the legislation when it eventually appears, but presumably the delayed implementation recognises this....

soulsaver

I believe there will be ISA  'hubs' at platform providers.  HL, HSBC, Lloyds etc mentioned by name in the speech.

I believe they will have restricted choices favouring 'British' businesses. Likely would be other restrictions closing  the often mentioned 'easy loopholes'.

Ocelot

Anyone have a link to where it says this won't happen until 2027?