ISA Limit Increased

As of today (1 July 2014), the personal allowance limit on contributing to an ISA increases to £15,000 for the tax year 2014/15.

£15,000 is the total amount that can be contributed between both cash and shares ISAs. Normally the maximum amount increases on 6 April each year but because of this major change in limits announced in the budget and the fact that the change also incorporates a change in name to New ISA (NISA), extra time was needed to implement the change.

Prior to the £15,000 limit, the maximum amount allowed between 6 April 2014 and 30 June 2014 was £11,880, half of which could be in a cash is a and half in a stocks and shares ISA. The new limit of £15,000 can be split however you like between stocks and shares and cash.

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