Posted by Tax Innovations on 27 Oct 2011
ISA Limits Increased for April 2012
HM Revenue and Customs has announced that from April 2012, the subscription limits for Individual Savings Accounts (ISA) will increase to £11,280.
Up to half of this amount can be saved in a cash ISA and thus be free of UK income tax, whilst the remainder can be saved in an investment ISA and so be free of both capital gains and UK income tax.
In addition to the changes to the ISAs limits, there was a further announcement regarding the availability of the new Junior Isas (JISAs).
JISAs will be available from November 1st as part of the Government commitment to encourage saving for children.
The investment limit for a JISA will be £3,600 per annum and any savings will be index linked from April 2013 onwards.
Child Trust Funds
The rules will also apply to Child Trust Funds (CTFs) to ensure that there is no inequality, which equates to a trebling of the current CTF limits.
Contact Tax Innovations
If you would like to discuss any part of this article, please do not hesitate to contact us.
- Property Partnership Incorporation and SDLT
- Changes to the Taxation of QNUPS
- Tax on separation and divorce
- Tax Relief For Residential Mortgages
- Non-Resident Landlords – UK Tax Update