On 1 July 2014 ISAs were reformed into a replacement product- the New ISA (NISA) – and all existing ISAs will automatically become NISAs.
The annual allowance of £11,880 increased to £15,000 which can be made up of cash, stocks and shares or a combination of both.
Key aspects:
- Investments can be transferred from a stocks and shares NISA to a cash NISA
- Savers can open 1 cash NISA and 1 stocks and shares NISA each tax year
- The Junior ISA annual limit increased to £4,000.
For more information please contact Sue Stephens or John Elliott.
