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UK Government To Increase ISA Subscription Limit

by Jason Gorringe, Tax-News.com, London

01 March 2017


The UK Government has proposed legislation to increase the subscription limit for tax-free Individual Savings Accounts to GBP20,000 (USD25,083) per year from GBP15,240 on April 6, 2017.

It is also increasing the subscription limit for the Junior ISA to GBP4,128 from GBP4,080. The changes would be effective from the 2017/18 tax year.

Withdrawals from ISAs are exempt from capital gains and interest is income tax exempt. ISAs were introduced in the UK in 1999 to incentivize savings and investment.

TAGS: tax | investment | United Kingdom | regulation | Other

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