Birth date 'present'
From 06.10.09, the amount over-50s can invest in ISAs has risen from £7,200 to £10,200
New ISA Annual Savings Limits Explained
- From 6 October 2009, the ISA subscription limit will increase to £10,200 for anyone eligible to invest in an ISA, born on or before 5 April 1960 (that is, who will be aged 50 or over during the current tax year).
- Up to £5,100 (previously £3,600) of the new ISA allowance can be saved in a Cash ISA with one provider. The remainder of the £10,200 (previously £7,200) can be invested in a Stocks & Shares ISA with either the same or another provider.
- Alternatively, the full £10,200 can be invested in a Stocks & Shares ISA with one provider.
- From the 6 April 2010 these higher limits will apply to all other eligible investors who are 18 years of age and over for Stocks & Shares ISAs and 16 years of age and over for Cash ISAs.
* please note that tax rules may change in the future.
Do you have an ISA for the current tax year?
An ISA is a tax efficient wrapper in which you can hold stocks and shares and/or cash. No Capital Gains Tax is paid on proceeds received from your Stocks & Shares ISA when you decide to sell your investments. No Income Tax is paid on interest received through a Cash ISA. Please note that tax rules may change in the future.
If you have the full £7,200 in a Stocks & Shares ISA you can top up a further £3,000 with the same provider. Alternatively you could invest £3,000 in a Cash ISA with either the same or a different provider. If £3,600 of your £7,200 is invested in a Cash ISA, you could top up a further £1,500 into your Cash ISA and the remaining £1,500 into your Stocks & Shares ISA.
You may be able to top up your Cash ISA to the value of £5,100 and still invest the balance of your allowance (up to £10,200) into a Stocks & Shares ISA
You may be able to top up your Stocks & Shares ISA to the value of £10,200 or transfer it to another provider if you wish. Alternatively, you can open a Cash ISA up to £5,100 provided the combined total of your ISAs does not exceed £10,200.
You may be able to set up a monthly savings plan into a Stocks & Shares ISA and/or a Cash ISA. The minimum monthly investment is £50 and the maximum monthly investment is £850.
You can invest a lump sum of up to £10,200 in an ISA each tax year, of which £5,100 can be held in a Cash ISA, with the balance invested in a Stocks & Shares ISA.
