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January 2015 - Even nicer ISAs
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Introducing the NEW Individual Savings Account (NISA)

The government’s Budget 2014 declared that significant changes are to take place, resulting in a major overhaul to the current rules and regulations surrounding ISAs.

As you may be aware, ISAs serve as a ‘wrapper’ to protect savings from tax. This allows individuals to invest monies up to maximum limits (by way of regular or single amounts) each tax year in a range of savings and investments. Any funds held within an ISA wrapper will be free of income and capital gains tax, apart from the tax credit on UK dividend income which cannot be reclaimed.

The main benefits of an ISA include:

  • No personal tax (income or capital gains) on any investments
  • Income and gains are not included in tax returns
  • Withdrawals at any time without losing the tax breaks.

What are the changes?

Following the recent announcements made in the Budget 2014, changes to ISAs are to be implemented, which will not only result in simplifying these products, but more importantly, will also significantly increase the amount that can be invested into these tax efficient savings vehicles.

Commencing from 1st July 2014, the currently termed ISA will be reformed to become a “New ISA” (NISA) and the table below summarises the main changes taking place:


These changes will provide more flexibility than at present, with the advantageous tax treatment of ISAs being retained for NISAs allowing you to invest up to the full NISA limit into the cash element (removing the cash holding restriction currently applicable), the stocks & shares investment element, or do any combination of the two.

The increased NISA allowance of £15,000 will also increase each year in line with the Consumer Price Index (CPI).

Investors will be able to open one Cash NISA and one Stocks & Shares NISA each tax year (the total invested between them must not exceed £15,000). In addition, investors will also be able to hold cash tax-free within a Stocks & Shares NISA should they wish.

Once open, you can transfer your Cash or Stocks & Shares NISA between providers and this will not affect your current year’s NISA allowance (currently you are not able to transfer your Stocks & Shares ISA into a Cash ISA).


What should you do next?

To find out more about the NISA and how to take advantage of your 2014/15 allowance, or if you would like to consider options in respect of your existing Cash or Stocks & Shares ISA holdings, please contact Goldberg Steele on 0208 346 3446 or



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