ISA limit to be cut to make them more affordable
- Throngsman
- Jul 3
- 1 min read
A spokesperson for Rachel Reeves has confirmed that the Chancellor wants to cut the amount of money that can be invested tax free in a cash ISA will be reduced from the current £20k per annum to about £5k. The £20k limit will be maintained for those who want to invest (that is, lose) their money in a stocks and shares ISA.
Billy, 34, who rents a two bedroomed flat with his wife while they save for a deposit on a house is fuming. 'Every penny I can, I save. I saved nearly three thousand pounds last year after paying for rent, council tax, food and travel. I wanted to save twenty thousand this year and might have been on track as my wife has been buying bread from Aldi lately.
Alex also wants the right to save twenty thousand tax free every year, has had that aspiration for ten years now, has 'about fifty quid' in her ISA. 'It's about aiming for the top,' she said, ordering a latte. 'Oops, that's this month's savings shot,' she said.
Bill, 69, is relaxed about the change. 'I retired years ago, inherited my dad's place, pushed £20k a year into ISAs. I've got a bloody fortune sheltered so why not speculate in stocks and shares? It's not like my liver will outlive my savings,' he pointed out.
