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ISA Allowance 2013 & the new 2014 ISA Limits.

 

 

 

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  Individual Savings Accounts - ISA.  Mini & Maxi ISA Allowances.



Individual savings accounts allowance (ISA limit 2013).


The annual individual savings allowance has changed.
The 2013/2014 Cash ISA limit is 5760 with the overall annual ISA limit being 11,520.

The deadline to use the 2013/2014 ISA allowance is 5th April 2014.

From April 6th 2013, ISA limits have increasd in line with the Retail Prices Index (RPI). This means the overall ISA allowance has increased to 11520, please see the ISA Allowance table below for full details.


Mini & Maxi ISA allowances, the new ISA rules
.

In order to simplify the ISA Structure, the distinction between Mini & Maxi ISA's has disappeared. Nowadays there's only a distinction between a Cash ISA and a Stocks & Shares ISA. This means an ISA can now contain up to 2 different types of investment: - cash (including national savings plans) and stocks and shares.

ISA investment growth does not normally incur a tax liability. ISAs are flexible because they allow both lump sum investments as well as regular fixed contributions. In the UK ISA investments tend to be a very popular and tax efficient method of saving.

Both Cash ISAs and Stocks & Shares ISAs are open to anyone over 18, resident and ordinarily resident in the UK. Anyone over 16 can have a cash ISA.


Current ISA allowances & limits.

The 2013/2014 cash ISA limit is 5760 and the limit for a Stocks & Shares ISA is 11520.  You can invest up to 11520 into a stocks a shares ISA if you don't take the cash ISA allowance.

The overall combined ISA allowance is 11520 of which 5760 can be invested in a cash ISA . This leaves 5760 to be invested in a Stocks and Shares ISA if desired.


New ISA allowance for 2013/2014.

Following recent changes in government legislation, future ISA limits are now tied to the Retail Prices Index (RPI).

Future ISA allowances will be set by referring to the official RPI figures released each September with any increase applying to the ISA allowance for the following tax year. In the event of a negative RPI the ISA allowance for the following year will remain unchanged.

The RPI for September 2013 was 2.6% which means for 2013/2014  the overall  ISA limit has increased by 240. The Cash ISA allowance has increased by 120.This means the Cash ISA limit for 2013/2014 has risen to 5760 and the overall ISA allowance has increased to 11520.

   ISA allowance summary.
     
  Old ISA Limit (2012/2013)  
  Cash ISA Allowance

5640

  Stocks & Shares ISA Allowance 11280
  Overall ISA Allowance 11280
 
  new ISA Limit (2013/2014)  
  Cash ISA Allowance 5760
  Stocks & Shares ISA Allowance 11520
  Overall ISA Allowance 11520
     
 




Transfer between ISAs

It is now possible to transfer money held in a Cash ISA to Stocks & Shares ISAs without affecting your annual allowance or the tax status of the investment.

From April 2008 PEPs ceased to exist and any remaining PEP investments will have been transferred to Stocks & Shares ISAs. The investments within the PEP will stay the same in the ISA, and will retain their tax status.

The FCA do not regulate National Savings ISAs.

For investments and pensions we work on a fee only basis.



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