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Tax and savings
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ISAs explainedEach person has an overall annual investment limit of £7,200, of which up to £3,600 can be invested in a cash ISA:
Higher allowance for ISAs From 6 October 2009, the overall ISA investment limit increases to £10,200 for those who will be aged 50 or over on 5 April 2010. Up to £5,100 of the new ISA allowance can be invested in a cash ISA with one provider. The remainder of the £10,200 can be invested in a stocks and shares ISA with either the same or a different provider. From 6 April 2010 all ISA savers will be eligible for the higher allowance. Who can open an ISA Under the ISA rules, the minimum age for investing in a cash ISA is 16. For a stocks and shares ISA it’s 18. To invest in an ISA you must be resident in the UK for tax purposes. Transfer rules You 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. If you want to do this, you’ll need to speak to your new ISA provider. NS&I Direct ISA The NS&I Direct ISA is a cash ISA. We don’t offer a stocks and shares ISA. |
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