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Tax and savings
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ISAs explainedIn April 2008, the Government introduced new rules for ISAs. Now, each person has an annual investment limit of £7,200, of which up to £3,600 can be invested in a cash ISA.
You can split your ISA investment any way you like, as long as you don’t invest more than £3,600 in cash and more than £7,200 in total. For example, you could invest £2,000 in a cash ISA, plus £5,200 in a stocks and shares ISA. The minimum age for investing in a cash ISA is 16; for a stocks and shares ISA it’s 18. Transfer rulesYou can transfer the money saved in a cash ISA to a stocks and shares ISA, even if it was saved in previous tax years, without affecting your annual ISA allowance. Speak to your new ISA provider to find out how. NS&I Direct ISAThe NS&I Direct ISA is a cash ISA. We don’t offer a stocks and shares ISA. |
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