ISAs now NISAs

The chancellor, George Osborne, in his budget of March this year announced a rules overhaul and an increase to the annual allowance for individual savings accounts (ISAs) now to be referred to as a new individual savings account (NISA) from 1st July 2014.

The changes allow investors to save up to a new individual annual allowance of £15,000 this year into cash accounts, stocks and shares accounts, or any combination of the two in addition to the availability of new more flexible transfer options.

The government also raised the investment limits for Junior ISAs (JISAs) and Child Trust Funds (CTFs) to £4,000 from 1 July 2014 and it is understood that CTFs and JISAs will be brought together in April 2015.

If you would like to discuss your current portfolio or receive more information on NISA savings we would be happy to meet with you. In the first instance please email  services@jbrearley.co.uk  or contact your existing regional office.

The information given is based on our understanding of the tax rules. The tax rules may change in future. James Brearley & Sons is not a specialist tax adviser.

 

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