Thursday, March 25, 2010

Open Question: ISA limits - maximum amounts - post 2010 budget?

I still don't fully understand quite what the ISA limit is. The chancellors 2010 budget was summarised thus on the BBC: "Some news for savers. The ISA limit will be raised from £7,200 to £10,200 and will increase each year after that in line with inflation." What does this mean? I have more than £10,200 in mine (accumulated over the years) so is this amount a reference to the annual amount or overall amount? Can I save £10,200 in any given tax year or is the limit still £3,600 for those (like me) not of pensionable age? So to summarise: What is the £10,200 referring to? Is there any change to the amount per year (I believe at present £3,600) that I can deposit. Thanks

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