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Greater Flexibility for ISAs
Our last article “110 Reasons to Grow” looked at some of the headlines in the immediate aftermath of the 2023 Autumn Statement. Now we have had a chance to delve into the detail and it’s good news for those who are looking for a bit more flexibility for their ISAs. Although the overall ISA allowance of £20,000 for adults, £9,000 for Juniors and £4,000 for LISAs has been frozen for the 2024/25 tax year, investors will have a greater choice on how to allocate their savings.
Currently, whilst investors can split their ISA allowance between cash and stocks & shares, they can only do so in one of each product. With effect from April 2024, individuals will be able to spread their investments across multiple platforms. In addition, partial transfers of current year ISA subscriptions will be allowed between providers, again adding to flexibility. Other headlines include the expansion of the Innovative Finance ISA to include long-term asset funds and open-ended property funds, as well as permitting certain fractional shares to be held within ISAs.
We should stress that these changes apply only from April 2024 and in the meantime investors still have four months to make the most of their current ISA allowances. If you are looking for advice on investments, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.