What are the ISA rules when it comes to how much I can put in?
Last updated at 12:00, Thursday, 22 April 2010
Advertising feature. There have been a number of changes to the ISA rules, effective from April 2010, that will impact what people can put into their ISAs. These alterations may have caused confusion for some, particularly if they were looking forward to opening such an investment facility at the start of the new tax year.
Basically, an ISA - or Individual Savings Account - is an account where consumers can invest their money in an attempt to maximise the way in which it works for them. Of course, the performance of the product can depend on a number of factors, including market performance, economic conditions and fluctuations in the Bank of England's base rate of interest. But for those looking to be a little more adventurous with their money, a stocks and shares ISA could be an interesting way to start investing. Please note that as with any stock market based investment while you enjoy the potential for good returns the value can go up and down and you may get back less than originally invested.
Prior to April 2010, the ISA annual allowance was set at £7,200 for all eligible ISA investors under the age of 50, with a £3,600 limit in place for a cash ISA and the remaining amount up to £7,200 overall available for a stocks and shares-based option. Those looking to take full advantage of the investment option also had the choice of putting the whole figure into a stocks and shares ISA - and it seems many were happy to do so.
But last year, the Treasury announced that this limit would be raised over two dates. From October 2009, people who are aged 50 or over on 5th April 2010 could invest up to £10,200 - with the cash ISA allowance set at £5,100. The good news is that from April 6th 2010 this change will apply to all eligible ISA investors, aged 18 or over – with cash ISAs also an option for young savers aged 16 or over.
For this reason, many savers may be looking to start their their ISA when the new tax year begins. People can choose options to suit their financial needs. If you are interested in taking on the market, the Halifax ISA Investor - Stakeholder Option may be an easy, tax-efficient way to get your investment portfolio off the ground.
Provided by HBOS Investment Fund Managers Limited, an investor will get the opportunity to put part or all of their ISA allowance into the Cautious Managed Fund. This option, which meets all Government Stakeholder rules, can be started with a lump sum of £20, with regular payment requirements set at the same figure. If you have yet to decide which is best for you, the bank also provides an ISA guide that might help.
Halifax offers a complete range of bank accounts and personal investment products. Whatever you're looking for: from personal loans, a mortgage or a credit card, at Halifax we aim to give you a little extra help. We even offer help with your home insurance and travel insurance too.
First published at 11:48, Thursday, 22 April 2010
Published by http://www.windermerelocal.co.uk
More Windermere news
- Parking meter anger "behind Cumbria by-election swing"
- Ulverston swimmer triumphs at Windermere Chillswim
- Woman attacked in Windermere
- South Lakes worker stole lottery tickets worth £4,000 to feed habit
- Yes vote on Scottish independence ‘could have massive effect’ on Cumbria businesses (2 comments)
- More experts join hunt for clues into Lake District wedding inferno (3 comments)
- Lake District hotel sold to local businessman
- Windermere school bully bites victim’s nose at club
- Woman involved in Windermere crash had been drinking - court heard
- South Lakes MP and deputy prime minister lead tributes to ‘dedicated’ Cumbria councillor (1 comment)
- ‘Nothing we can do’ say Lakes chiefs in parking meter row
- Cumbria police investigating after £25,000 damage to trees (2 comments)
- Swimmers make a big splash at Windermere
- Alleged sex offender due in Barrow court
- Peter Rabbit grabs gold at Chelsea Flower Show (1 comment)
- Brathay Windermere Marathon
- Fire at Lake District home
- Police appeal to trace owners of dogs who attacked lambs in Cumbria
- Queuing traffic on Lake District road
- Mum's emotional tribute son found in Windermere
- Matthew Jordan's family issue thanks to people who helped in Windermere search (4 comments)
- Cumbria police CCTV appeal for possible witness in search for man last seen in Bowness
- Family appeal for 20-year-old missing son last seen in Windermere to come home
- Air ambulance called in after man suffers heart attack in Windermere
- Cumbria police investigate Windermere nursery burglary
Evening Mail homepage
- Barrow milkman told his driving was cause of ‘catastrophic injuries’ (21 comments)
- Dormer bungalow offers plenty of space for family
- Barrow dad 'attack could have killed me' (28 comments)
- Staffie muzzle order after fatal Barrow dog attack (26 comments)
- Secret death of baby girl - father questioned
- £1,500 fine for store Barrow Morrisons boss
- Former Ulverston chef admits knife attack on waiter
- Cumbrian teenager brought American blues club to its feet
- FOOD REVIEW: Farmers Arms, Lowick
- Mum's emotional tribute son found in Windermere
Go green 36
The Barber's Shop
Choosing a primary school
Kendall Brothers Ltd