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From 1 July 2014 all ISAs will become New ISAs (NISAs). This applies to all existing ISAs and new accounts opened after 1 July. The Government is changing the name to reflect the significantly increased limits and flexibility that will be available to account holders.
The NISA will be more generous and will offer flexibility to save your NISA annual allowance of £15,000 in cash, stocks and shares or any combination of the two. Under the NISA rules customers will also be able to transfer previous years' ISA savings between stocks and shares and cash if they wish.
Deposits made between 6 April and 1 July 2014:
Deposits made from 1 July 2014
As they do now, customers will only be able to pay new funds into one Cash or one Stocks and Shares NISA in each tax year.
The new rules will apply for amounts paid to a NISA from 1 July 2014 to 5 April 2015 and in future tax years. Each autumn, the Chancellor will announce the new ISA limits for the next tax year.
Savers between the age of 16 and 18, can hold a Cash NISA but cannot open a Stocks and Shares NISA. From 1 July 2014, they will be able to pay up to £15,000 into a Cash NISA for the tax year 2014-15. This is in addition to any amounts paid into a Junior ISA they may hold.
As soon as a tax year ends on the 5th April, any allowance for that tax year ends too.
That means if you don't use all your allowance, you'll miss out on using any remaining allowance for that tax year.
The value of an investment in a Stocks and Shares ISA is not guaranteed and can fall as well as rise so you may get back less than you originally invested. If you're not sure if this type of ISA is right for you, it's best to speak to a Financial Adviser.
If you'd like to open a Cash ISA you must be aged 16 and resident in the UK for tax purposes. Alternatively you must be a qualifying crown employee or be married or in a civil partnership with a qualified crown employee.
You're eligible for a Stocks & Shares ISA once you're aged 18 or over, and resident in the UK for tax purposes.
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