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Dec 2013

ISA Limit will increase to £11,880 in April 2014

The government will boost ISA, Junior ISA and Child Trust Fund (CTF) annual limits in line with the consumer price index (CPI), it was announced today.

In his Autumn Statement, Chancellor George Osborne stared that the 2014-15 ISA limit would be increased to £11,880 per year - half of which can be saved in a cash ISA - while both the Junior ISA and CTF limits will both be increased to £3,840.

No cap on lifetime ISA allowance

However, Chancellor George Osborne did not mention whether or not the Government was planning to introduce a cap on the total lifetime Isa allowance. There has been much recent speculation over this, with rumours circulating that the allowance was to be capped at £100,000.

Child Trust Funds still non-transferable

Neither was there any mention of whether children who hold CTFs will be allowed to transfer their savings to Junior ISAs. During the Budget in March 2013, it was announced that the Government was considering the possibility of letting children switch from CTFs to Junior ISAs. Junior ISAs replaced CTFs in late 2011, but so far, CTF holders have not been permitted to switch to the new product - even though Junior ISAs tend to offer better rates and more flexibility to savers than CTFs.

The lack of an announcement on this subject today will come as a disappointment to supporters of the move such as Danny Cox, head of financial planning at Hargreaves Lansdown. He commented that: "Unfortunately the CTF is in terminal decline, with many providers offering lower rates and worse choice than is available from Junior ISAs - and the government needs to recognise this. A change to the rules would allow more and better choice, and be great news for over six million children with CTFs."

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.

No news, feature or comment should be seen as a personal recommendation to invest. If you are at all unsure of the suitability of this type of investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

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How much can I pay into an ISA?

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Each tax year, there's a limit set by the government to the amount you can save and invest in ISAs: your “annual ISA allowance”. The allowances are intended to reward savers and encourage us to invest more to support our future retirements, without creating a tax haven that can be taken advantage of by very wealthy individuals who just want to avoid paying tax.

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