The changes, which were announced by Chancellor George Osborne at the Budget, amount to the biggest increase ever in ISA limits. The amount which can be put into an ISA each year increases from £5,760 in 2013/14 to £15,000 in 2014/15.
Over 23 million adults – roughly half of the UK adult population - have an ISA, with over five million people estimated to be subscribing to an ISA at the cash limit and 1.3 million subscribing at the stocks and shares limit and therefore likely to benefit immediately from the changes.
In 2018/19, over six million people stand to gain from the increase in ISA limits to £15,000.
The size of ISA holdings increases with age; the average amount of ISA savings in the under 25 age group at the end of 2010/11 was £4,490 compared with £29,880 in the 65 and over age group.
Shout99 has an arrangement with ContractorFinancials to offer ISAs for contractors and freelancers. For more information please call 0208 150 3844 and quote 'Shout99 offer'.
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Susie Hughes © Shout99 2014