Reeves cuts tax-free cash ISA allowance to £12,000

ODN

Chancellor Rachel Reeves has announced that the tax-free cash ISA allowance has been cut from £20,000 to £12,000, saying, "thanks to our changes to financial advice and guidance, banks will be able to guide savers to better choices for their hard-earned money". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Transcript

00:00Someone who has invested £1,000 a year in an average stocks and shares ISA every year since 1999

00:06would be £50,000 better off today if they'd put that same money into a cash ISA.

00:17And so from April 2027, I will reform our ISA system,

00:22keeping the full £20,000 allowance while designating £8,000 of it exclusively for investment,

00:31with over 65s retaining the full cash allowance.

00:35And thanks to our changes to financial advice and guidance,

00:39banks will be able to guide savers to better choices for their hard-earned money.

00:44Over 50% of the ISA market, including Hargreaves-Lansdowne, HSBC, Lloyds, Vanguard and Barclays,

00:52have signed up to launch new online hubs to help people invest here in Britain.

Category

Transcript

Be the first to comment

Recommended