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16th
Mar 2016
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ISA allowance will be raised to £20,000 in 2017

ISA allowance will be raised to £20,000 in 2017

ISA allowance will be raised to £20,000 in 2017

ISA allowance will be raised to £20,000 in 2017

From April 2017 savers will be able to save up to £20,000 as part of their annual ISA Allowance,

The ISA allowance which for the upcoming 2016/2017 tax year will remain at £15,240 will increase from the 6th of April 2017. This increase was announced by the chancellor in today’s budget announcement that also included the announcement of a new ‘Lifetime ISA’.

It is unclear if any change will be made to the Junior ISA allowance, which currently has a limit of £4,080.

The lifetime ISA will be a new kind of ISA designed to help people aged between 18 and 40 save for both the purchase of a first time home and their retirement simultaneously, and benefit from up to 25% contributions from the government. Find out more about the Lifetime ISA by clicking here.

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