Have you hear about the New ISA that the Chancellor George Osborne has announced – the NISA?
If you like saving, you’ll know that the current ISA allows us to save £5,760 in cash every year tax free.
You may also know that you can add investments to this and save a mix of cash and investments up to the value of £11,520.
It’s a little confusing, isn’t it? So that explains why the new system allows a saving of cash and/or investments up to and increased £15,000 per year.
The basics
From 1 July, you could choose to pay the following into your NISA:
– £15,000 into a cash-only or a stocks and shares NISA and not a mix of the two.
– Pay both cash and stocks and shares into a NISA that has a combined value of £15,000.
– You can only open one cash NISA and one stocks and shares NISA to put new money into each tax-year.
Like with ISAs, there are many providers on the market, like
Scottish Friendly.
However, you can also open other NISAs to transfer old ISAs into. This is the same rule as for current ISAs.
Watch the following video to find out more about NISAs:
In July this year, old ISAs will automatically be converted into a NISA.
Free guide
If you’d like to find out more about the NISA, you can download a < "a href="http://www.scottishfriendly.co.uk/isas/new-isas-explained">free guide here.
