New ISA Contribution Limits
December 2nd, 2009 InvestmentsFrom 7th October 2009, anyone aged 50 or over before April 2010, will be allowed to save up to £10,200 in the tax free savings account. No worries for everyone else though – they can do it from the new tax year next April.
From 6th April 2010, all savers will therefore be able to deposit £10,200 into their 2010-11 ISA, up to £5,100 of which can be saved in cash.
Don’t forget, you can now transfer money from cash to stocks and shares ISAs. If you move money from an existing cash ISA to a stocks and shares ISA it will not count as part of your annual allowance.
For example, you could transfer £10,000 from your existing cash ISAs to a stocks and shares ISA and make a further investment to the permitted maximum that year. You will maintain all your tax-free benefits on the £10,000. But you cannot move money from a stocks and shares ISA in the same way.
