The change increases the maximum amount an individual can invest in a NISA for tax year 2014/15 to £15,000. (Any money already invested in ISAs in the tax year will count towards the new NISA limit.)
Previously there were restrictions on how much of the ISA allowance could be invested in cash. These restrictions have been lifted allowing investors to invest all of their NISA in cash if they wish.
Investors must be aware that many of the cash interest rates offered on NISAs by their banks and building societies may be lower than inflation. It is imperative to take independent financial advice before making any important financial decision.
Contact us today for independent financial advice on NISAs and much more. Farrell Financial Planning are independent financial advisers based in Glasgow offering whole of market independent financial advice.
Information correct as at 01/07/14
Like all investments NISAs may not be suitable for all investors and their value can fluctuate and go down, so you may get back less than you paid in.
All information is based on Farrell Financial Planning’s understanding of UK law & HMRC practice in the UK. Tax and legislation are subject to change.