The ISA investment limits for 2014/15 were announced in December 2013 as:
However, this Budget includes the announcement that from 1 July 2014 the ISA rules will be reformed to extend the investment limits to:
ISAs will also be permitted to hold peer to peer loans as investments, and possibly other debt securities.
Individuals have been limited to the amount they hold in premium bonds to £30,000 per person since 2003. This cap will now be raised as follows:
There will also be two tax free prizes at the maximum level of £1 million awarded each month from August 2014.
See our helpsheet on individual savings accounts to see the rules on investing efficiently with ISA's.
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