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19th
Mar 2013
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ISA Limits Going Up On 6th April 2013

Every year, savers and investors alike await the start of the new tax year with optimism - because it's the time of year when, historically, their tax-efficient ISA allowance has been increased in line with inflation.

A bigger allowance = greater tax savings

The 2013/14 tax year, which begins on 6th April 2013, is set to be no exception, with a 2.1% ISA increase limit on the horizon.

The current ISA limits as set by HMRC is £11,200 - £5640 of this can be held in a cash ISA and the remainder can be held in a stocks and shares ISA.

An individual can take out a stocks and shares ISA with one provider per tax year and one cash ISA per tax year. These allowances are per individual, so a couple can have a combined stocks and shares ISA pot of up to £22,560 each year, and cash ISA savings of £11,280.

New limits for a new tax year

From 6th April 2013, the ISA limits are set to rise in line with the start of the new tax year. The total ISA allowance for 2013/14 is set to be £11,520. Of this, £5,760 can be placed in a cash ISA. The junior ISA allowance will also rise after 6th April 2013 - from £3,600 in 2012/13 to £3,720 in 2013/14.

Why use my new ISA allowance?

It's sensible to have some savings in cash for security and easy access in the event of an unexpected emergency, and the new ISA allowances will let you stash away more rainy day cash than ever before.

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