thecirsch

Chatting with someone tonight, they said that Gordon Brown has lowered the yearly limit from 3k to 1k. Is this the case, I've looked at a couple of web-sites and there's no mention of it.

Does anyone know either way??

If that's the case, it looks like and 2 grand to be spent on mods

johnfelstead

very much doubt that. He isnt THAT stupid. I thought they recently raised it to £5K per year, something in the back of my head says that?

TelBoy

There are definitely some changes for the new tax year in April. I thought the cash ISA limit of £3k was retained, but i'm sure there are reductions in the allowance elsewhere, including the abolition of Insurance bond ISA (into which you could invest £1k).

Graz

The amount you can invest as cash is going down from £3000 to £1000. Not sure it's next tax year or the one after. Don't know if the overall £7000 limit changes.

Tiggs

7 down to 5 in '04

JFB

Sorry Tiggs but you're referring to "Maxi Isas" and that change is not effective until 06/04/06. It remains at £7000 until then.

The Cash ISA subscription limit falls to £1000 on 6th April 2006 onwards. It remains at £3000 until then also.

Hope this helps.

Jerome

paulr

That is crap.I've been saving 3k a year towards my old age.
Why the change?

johnfelstead

you just answered the question. It's too popular and people are saving money without paying tax rather than putting it in a taxed pension fund.

paulr

Maybe i'll blow it all and live off the state instead then.