Last month we detailed all the changes occurring from the 1st July with the introduction of New Individual Savings Accounts (NISA)
Here’s a quick recap:
- You need to be a UK resident aged 16 or over to open a cash NISA, or aged 18 or over to open a stocks & shares NISA;
- You can now save £15,000 tax-free in a cash NISA(if aged over 18);
- You can choose how to split the £15,000 NISA allowance between stocks & shares and cash NISAs (or not split it at all); and
- You can also now transfer cash ISAs into stocks & shares NISAs and vice versa.
Remember that:
- Any unused allowance doesn’t roll over – so if you don’t use it, you lose it forever; and
- There’s nothing stopping you switching provider of your stocks & shares and Cash NISAs.
There are some complex guidelines in place if you have already made an ISA subscription before 1st July and some providers may not yet have suitable products that meet these new flexible rules.
If you would like to discuss how these changes could benefit you, then please speak to one of our consultants who will be only too happy to assist.
