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New ISA (NISA) changes

Since 1 July 2014 ISAs offer greater flexibility.

Our NISA Q&A tells you everything you need to know....

NISA is the term referring to the ISA changes announced by the Government in the March 2014 budget. The way that ISAs work on the whole stayed the same; they are still tax efficient savings and investments.

What has changed?

  • You can divide the allowance between a cash ISA and a stocks and shares ISA as you wish
  • You can transfer between cash ISAs and stocks and shares ISAs in both directions

How do the changes affect me?

Prior to the NISA changes in 2014, savers were limited on how much of their allowance could be put into a cash ISA; these limits have now been removed allowing you to put the whole £20,000 (for 2018/19) into a cash ISA or stocks and shares ISA if you wish.

Under the old rules, savers could move money from cash ISAs to stocks and shares ISAs, but not the other way around. The new rules offer the added flexibility of being able to move money from a stocks and shares ISA into a cash ISA and vice versa.

What if I don’t have £20,000?

Even if you don’t have £20,000  a year to save or invest, the new ISA rules may still benefit you, as they offer greater flexibility. And if you do come into extra cash, or decide existing savings are not getting the returns you want, you can top up your ISA up to the new £20,000 limit.