Existing ISA's in 2027

TootsAndLexi27

Hi

This maybe a really silly question but its bothering me. I have ISA's but next year I wont be 65 so the accounts I already have do I have to reduce those or is it any new ISA's next year is £12K?

TadleyBaggie

the proposed change to cash ISAs is only how much new money can be added. What is already in the ISA is irrelevant

refluxer

The rule change just means that you can only pay £20k into a cash ISA (or ISAs) until 5th April 2027 and it'll be £12k (if you're under 65) from 6th April 2027 onwards.

The ISA allowance is just a limit on the amount you can pay into an ISA (or ISAs) each tax year - it isn't a limit on the amount you can hold within an ISA, so existing ISAs will be unaffected by the change.

DRS1

If you have an existing S&S ISA and want to transfer it to a cash ISA then you would need to do that before April 2027.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82054247#Comment_82054247

…or after reaching 65, or, strictly speaking, after the start of the tax year during which you'll reach 65.

Albermarle

All assuming that a new Chancellor will not just ditch the idea.

Probably is a good idea in theory to nudge more people into investing, but in practice seems to be a bit of a dogs breakfast.