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Looking for inflation beating returns? Investing in shares could be an option.
A healthy credit score has its benefits, so make sure you manage your debt correctly.
Discover the best travel insurance policy for your next trip.
Find current accounts offering in-credit interest rates up to 5.00% AER.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
As part of the 2024 Spring Budget, the Chancellor of the Exchequer, Jeremy Hunt, unveiled plans for a new UK ISA. Here’s everything known so far about this new savings and investment vehicle:
The UK ISA, or ‘British ISA’, is intended to open up more opportunities for consumers to invest in UK equity, with any gains being exempt from tax.
In his speech, the Chancellor said this will “ensure that British savers can benefit from the growth of the most promising UK businesses as well as supporting them with the capital to help them expand”.
Individual Savings Accounts (ISAs) are a popular form of tax-free saving; according to interactive investor, 27 million adults in the UK held their savings and investments in an ISA as of March 2024.
With multiple types of ISAs available, there are accounts to suit a variety of different needs, goals and circumstances.
Find out more about ISAs and compare some of the best ISA rates using our charts.
When it becomes available, you’ll be able to invest up to £5,000 per tax-year in the UK ISA, which will be additional to the existing ISA allowance. This may offer some consolation to savers who’d like to have seen an increase to the ISA allowance included in the Spring Budget 2024.
Until then, the annual ISA allowance remains at £20,000 and can be spread across cash ISAs, stocks and shares ISAs, Innovative Finance ISAs (IFISA) and one Lifetime ISA (LISA) in the 2024/25 tax-year.
No date was given in the Spring Budget for when the UK ISA will become available; the Government is due to consult on the finer details until June 2024.
In the meantime, you don’t have to wait if you want to invest tax-efficiently in UK assets. A stocks and shares ISA, for example, could allow you to invest in UK shares if you research and select your investments carefully.
However, it’s important to keep in mind your capital is at risk when investing. While it offers the potential for greater returns in the long-run than interest earned from savings, it’s also possible for your investment to decrease in value. If in doubt, consider seeking expert advice.
After weighing up whether the risk is worth the reward, you can find out more about stocks and shares ISAs, as well as compare providers using our dedicated chart.
The Government is due to consult in June 2024 on what products you’ll be able to invest in using the UK ISA. Some of the investment products being considered include: shares in UK incorporated companies, collective investment vehicles, corporate bonds and gilts.
Whether you’ll be able to open and invest in more than one UK ISA per tax-year is yet to be decided. This matter will be discussed as part of the Government’s consultation in June 2024.
However, as part of ISA reforms announced in the 2023 Autumn Statement, it is possible to open and pay into multiple cash ISAs, stocks and shares ISAs and IFISAs from 6 April 2024.
It’s not yet known whether you’ll be able to transfer an existing ISA to a UK ISA, or if you’ll be able to transfer funds out to other types of ISAs. This will form part of the Government’s consultation, which ends in June 2024.
If you have an existing ISA you’re looking to transfer, you can compare cash ISAs and stocks and shares ISAs using our charts.
For more details on the transfer process, read our guide to transferring ISAs.
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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget to the House of Commons yesterday. It’s anticipated to be one of the Government’s last fiscal events before a General Election takes place in less than a year’s time. Find out what some of the measures announced mean for your finances.
Find out what some of the measures announced in the 2024 Spring Budget mean for your finances.
Are you looking to move or transfer the funds in your ISA? Find out everything you need to know about ISA transfers with our complete guide.
Are you looking to move or transfer the funds in your ISA? Find out everything you need to know about ISA transfers with our complete guide.
NS&I has launched its British Savings Bonds, offering a three-year fixed rate of 4.15% AER for savers. See how they compare against other savings accounts.
NS&I has launched its British Savings Bonds at a fixed rate of 4.15% AER.
The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget to the House of Commons yesterday. It’s anticipated to be one of the Government’s last fiscal events before a General Election takes place in less than a year’s time. Find out what some of the measures announced mean for your finances.
Find out what some of the measures announced in the 2024 Spring Budget mean for your finances.
Are you looking to move or transfer the funds in your ISA? Find out everything you need to know about ISA transfers with our complete guide.
Are you looking to move or transfer the funds in your ISA? Find out everything you need to know about ISA transfers with our complete guide.
NS&I has launched its British Savings Bonds, offering a three-year fixed rate of 4.15% AER for savers. See how they compare against other savings accounts.
NS&I has launched its British Savings Bonds at a fixed rate of 4.15% AER.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.