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Don’t forget ISAs are changing…

Don’t forget ISAs are changing…

Category: Savings

Updated: 31/10/2008
First Published: 14/03/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

From April 6th 2008, the rules governing ISAs will be changing:

  • There will no longer be a distinction between Mini ISAs and Maxi ISAs. There will be 2 types of ISAs: Cash ISAs and Stocks & Shares ISAs
  • The annual limit will be increased from £7,000 to £7,200
  • Cash limit increased from £3,000 to £3,600
  • Stocks and Shares limit reduced from £4,000 to £3,600 if split with a cash ISA, alternatively up to the full £7,200 can be invested in a Stocks and Shares ISA
  • TESSA only ISAs will be withdrawn completely and transferred to Cash ISAs
  • Previous years cash ISAs can be transferred to a stocks and shares ISA
  • All Personal Equity Plans (PEPS) will automatically be transferred to stocks and shares ISAs
  • On maturity Child Trust Funds may be rolled over into an ISA

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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