Cathy Jamieson – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Cathy Jamieson on 2014-03-25.

To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of people who have utilised their full tax-free ISA allowance in each of the last three years in (a) the UK, (b) Scotland and (c) each parliamentary constituency.

Mr David Gauke

Until 1 July 2014 there are two allowances for ISAs: a cash and an overall allowance. This answer assumes you are asking about the overall allowance.

The following table contains the number of individuals who made full use of their (£10,680) ISA allowance in 2011-12 in the UK and in Scotland.

A breakdown for 2012-13 and 2013-14 is not yet available. Constituency-level statistics are not available.

As announced at Budget 2014, from 1 July 2014 the overall annual New ISA subscription limit will be increased to £15,000 and can be used for either cash or stocks and shares investments, or any combination of the two, up to this limit.

This measure will reduce income tax on savings for people constrained by the current limits, improving incentives to save and increasing real household disposable incomes. Over 6 million people are expected to benefit from these increases, including over 5 million adults expected to be constrained by the cash ISA limit.