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A nicer NISA - more money to invest tax free!

The New ISA (NISA) is still a tax free savings wrapper but in a much simplified format. It is also important to note that the overall investment limit has also increased significantly for the first time since ISAs were introduced 15 years ago.

From 1 July 2014, an individual will be able to subscribe an overall amount of £15,000 into a NISA account. NISA savings can be held in either cash or stocks and shares. In addition, it will be possible to transfer any existing ISA investments into the NISA.  That means cash ISAs can be transferred into stocks and shares and vice versa.

For administrative reasons, the changes do not take effect until July, so any amounts paid before that date will be by reference to the current limits but a top-up investment can be made after 1 July.

At the same time, the junior ISA limit will increase to £4,000 per year.

 

 

Date: 1st April, 2014
Author: Iain Muffitt - Financial Adviser

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