Changes to ISA subscriptions limits

From 6 October 2009, anyone who’ll be aged 50 or over before 6 April 2010, can take advantage of an increase in the amount that they’re allowed to invest under the ISA scheme.

The Government sets an annual ISA subscription limit for each tax year. At the start of the current tax year (6 April 2009), the overall annual ISA subscription limit was £7,200, of which up to £3,600 could be saved in a cash ISA and the remainder in a stocks and shares ISA.

However, the Government has recently announced changes to the subscription limits. The changes mean that the overall annual ISA limit will be increasing to £10,200, of which up to £5,100 can be paid into a cash ISA and the remainder into a stocks and shares ISA. But they’ve also said that anyone who’ll be 50 years of age before 6 April 2010 can take advantage of the increase from 6 October during the current tax year – 6 April 2009 to 5 April 2010.

50 or over before 6 April 2010?

So, if you’ll be 50 or over before 6 April 2010, from 6 October 2009 you can pay a total of up to £5,100 into a C&G Cash ISA or a C&G Fixed Rate ISA during the current tax year – an increase of £1,500 over the original subscription limit of £3,600.

Find out how to open an ISA with us or, if you’ve already got a C&G cash ISA of C&G Fixed-Rate ISA (issue 2) and want to increase your tax-free investment, just call into any C&G or Lloyds TSB branch or, if yours is a postally-operated account, send us a cheque.

Under 50 on 6 April 2010?

If you will be under 50 on 6 April 2010, you’ll be able to take advantage of the higher limits from the start of the next tax year – 6 April 2010 to 5 April 2011.

Take a look at our Cash ISAs or learn more with our guide to tax-free savings.

Next steps:

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