From 6th October 2009 over 50’s will be allowed to contribute up to a maximum of £10,200 into a stocks and shares ISA, £5,100 into a cash ISA or a combination of both up to the maximum limits. This is an increase of £3,000 from the current stocks and shares ISA allowance.
The rest of the population will have to wait until April 2010 for the enhanced allowance.
An ISA is an extremely efficient tax free savings vehicle and maximum funding of contributions should be considered in all financial planning. ISA funding can be by means of lump sum investment or by regular contributions. I would urge anyone over the age of 50 to seek advice in this area and request a review with their financial adviser.
Clive Gadsden
Independent Financial Adviser
Hertfordshire – Hemel Hempstead – St Albans - Harpenden
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