More Welcome News For ISA Savers
November 27th, 2006
Following on from the news that ISAs are here to stay, Treasury Minister Ed Balls has further outlined the government’s intentions for the popular savings product.
Going forward, you will be able to take any funds you have accumulated in a Cash ISA from a previous tax year and transfer them into an Equity ISA.
The change does not affect your current allowances or the tax efficient status of your savings, and even if you transfer a previous year’s Cash ISA into equities, you will still be able to invest £3,000 per year in a Cash ISA, £4,000 in an Equity ISA or invest your entire £7,000 allowance in an Equity ISA.
No date has yet been set for the change but it is likely to take effect from the start of the 2007/2008 tax year.
For more information on ISAs and other investment types visit Torquil Clark Investments.
Author: Philippa Gee
November 27th, 2006
Category: Investments.
