Tax-Free ISA Allowance: Use it or Lose it

06 Sep 2009 Tell a Friend

Only a month remains until the first wave of bank customers can benefit from the higher ISA allowance introduced in the last Budget. On the 6^th October 2009, savers over the age of 50 can increase their allowance from £7,200 to £10,200, of which £5,100 can be invested into each of a cash ISA and a stocks and shares ISA.  Everyone else can benefit from the increase from 6^th April 2010.

An ISA (or Individual Savings Account) is a saving product introduced in 1999 to replace PEPs and TESSAs, and you can either use an ISA to save cash at a competitive interest rate or to invest in stocks and shares.

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