As with many other financial products, isas are also geared to over 50 year olds. From 6th April 2011, over 50s can invest up to £10,680 into a stocks and shares ISA, £5,340 of which may be saved into a cash ISA.
The over 50s ISA allowance now goes up in-line with the general ISA limit set by the Treasury. On 6th October 2009, the amount that an over 50 could invest in an isa went up from £3600 to £5100. To qualify for this, you needed to have turned 50 by 5th April 2010. Therefore it could have been called the over 49 and a half year old isa!!
The financial company Moneyfacts recently consucted a surver which showed that all the isa providers barring online bank EGG were letting over 50's make this extra £1500 contribution. Egg stated that they were putting off the ability to use this £1500 increase until April 2010 for "commercial reasons".
Important Risk Information:
This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.
Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.