New ISA (NISA) comes into force from today

From 1 July, ISAs will become New ISAs (NISA).

The ISA annual allowance will increase to £15,000 in cash, stocks and shares or any combination of the two.

Under the NISA rules you will also be able to transfer previous years’ ISA savings freely between stocks and shares and cash if you wish.

Things to note if you have already opened a Cash ISA or Stocks & Shares ISA in the current tax year

• Any subscriptions you have made to an ISA since 6 April 2014 will count against the £15,000 NISA subscription limit for 2014-15;

• If you have paid into a Cash or Stocks & Shares ISA since 6 April 2014, you will not be able to open a further NISA of the same type before 6 April 2015;

• You may however make additional payments – up to the £15,000 NISA subscription limit - into your existing account(s) or by transferring those account(s) to another provider that will allow additional amounts to be added.

Junior ISAs

From 1 July the amount that can be paid into a Junior ISA for 2014-15 will increase from £3,720 to £4,000.

If you wish to discuss investing new monies into an ISA or your existing ISAs, please contact Ward Williams Financial Services Ltd on 01932 830664 or email wwfs@wardwilliams.co.uk.