Cash ISA upper limit increased March 23
Chancellor Gordon Brown has announced that the allowance for cash individual savings accounts (ISA’s) has been increased from £3,000 to £3,600.
The move was confirmed in his Budget, and has been widely welcomed.
However, it has been suggested that the measure is not radical enough, with the Building Societies Association (BSA) calling for a regular limit revision to ensure the effect of inflation is negated.
“An increase in the annual subscription limit to £3,600 for cash ISA’s is good news for savers,” Adrian Coles, director general of the BSA, said.
“The cash ISA has undoubtedly been a success story to date and raising these limits will help build on this.
“Taking this a step further, the BSA would like to see regular future reviews of limits - to prevent erosion by inflation.”
Mr Coles also suggested that Mr Brown should legislate to allow for transfers from stocks and shares ISA’s to cash ISA’s in order to make the ‘lifestyling’ of portfolios easier.
Written Exclusively by AdFero for ISA Guides
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