Do you have a dream of where you’d like to be if you didn’t have to work? Mine is a beach shack next to a deserted golden beach gazing over turquoise waters…
With the average rate of interest for ISAs at less than 2%, the new ISAs (to be known as NISAs!) announced in last week’s Budget aren’t going to let me take up beach-combing any time soon. However, the increased tax free allowances are an incentive to save more.
From July this year there is an increased limit of £15,000 with no distinction between share and cash ISAs.
Don’t forget to top up your tax-free investments for this year though!
Unused allowances can’t be carried forward, so it’s worth reviewing your finances and making the most of the current arrangements. You can invest up to £11,520 in an ISA, with a maximum of £5,760 in a cash ISA by 5 April.
Financial planning shouldn’t be rushed; speak to your adviser and that beach could be closer than you thought!