Autumn Statement 2015: ISA limits frozen
Savers hoping to be able to put more cash in an ISA from next April have had their hopes dashed as today's Autumn Statement reveals the annual threshold will remain the same.
The limit last rose on 6 April from £15,000 to the current £15,240 level. See our Top Cash ISAs, Stocks and Shares ISAs, Junior ISAs and Child Trust Funds guide for the best buys.
The Junior ISA and Child Trust Fund limits will be kept at £4,080 in the 2016/17 financial year too.
The freeze was not announced in George Osborne's speech, but was buried in the 154-page Autumn Statement document.
You can max out your ISA allowance between a combination of a cash ISA (normal savings you don't pay tax on) and a stocks and shares ISA (where gains are tax-efficient), and soon this will be extended to a Help to Buy ISA from 1 December, and to an Innovative Finance ISA (peer-to-peer) from April 2016.
However, from April 2016, basic-rate taxpayers will be able to earn £1,000 in savings interest before paying any tax, and higher-rate payers will be able to earn £500. For more on this see our Personal Savings Allowance guide and read MoneySavingExpert.com founder Martin Lewis's full thoughts on Why the cash ISA isn't dead.
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8 October 2024
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