You can now invest up to an extra £3,000 in your stocks and shares ISA
If you’re 50 or over this tax year, you can take advantage of a great new investment opportunity that’s not immediately available to anyone younger.
Earlier this year, The Chancellor announced that the ISA limit would be raised from £7,200 (£3,600 for cash ISAs) to £10,200 (£5,100 for cash ISAs). This applies to anyone born on or before 5 April 1960. These limits will change from 6 October 2009, and for everyone else from 6 April 2010. Which means you can invest an extra £3,000 in a tax-efficient stocks and shares ISA before anyone under 50 gets the chance. The value of the tax advantages will depend on your individual circumstances and can change over time.
Good timing when you consider the stock market has recently shown some signs of recovery, although there’s no guarantee it will continue, and savings rates remain low. So if you’re looking for growth potential and tax efficiency from your savings, we can help you make the most of your new increased ISA allowance.
ISAs are designed as medium to long term investments of, for example five years. Both capital and income values may fall as well as rise and are not guaranteed. You might not get back all the money you invest. For new ISAs you can invest a minimum lump sum of £500 or a minimum regular contribution of £50 per month.