Currently you are allowed to invest up to £20,000 per year in an individual savings account (ISA) and any interest you receive is tax free.
From 6.4.27 the ISA allowance will be amended so that while the maximum investment will remain at £20,000, £8,000 of this must be invested in non-cash ISAs such as stocks and shares ISAs.
This effectively reduces the maximum annual amount that can be put into cash ISAs to £12,000.
Taxpayers over 65 will still be able to invest up to £20,000 in cash ISAs.
Speak to an independent financial advisor if you are considering making any changes to your investments.
