ISA (Individual Savings Account ) made up from scrabble tiles

New improved ISA

Good news. The new ISA limits announced in the last budget are now available.

With effect from 1 July 2014 the previous ISA limit (£11,520) has been significantly increased to £15,000.  Furthermore the 50% cash ISA limit of £5,760 has been abolished so that any combination of cash and stocks and shares can be held within the ISA wrapper up to the overall £15,000 limit. These products will be termed “New ISAs” or NISAs.

The Junior ISA limit has increased to £4,000.

 

Beware of bogus emails

At this time of year there tends to be lots of communications to and from HMRC, so it’s worth noting that HMRC do not send communications to tax payers by email. If you receive an email purporting to be from HMRC, it will be some sort of scam and should be ignored and deleted.

Do not under any circumstances open attached files or disclose any personal information. Typically, the email may offer you a tax refund if you send your bank details, or some other inducement to part with similar information.

HMRC will either call you or send a letter if necessary.