Gregory Campbell – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Gregory Campbell on 2014-04-09.

To ask Mr Chancellor of the Exchequer, whether the increase in ISA limits announced in the 2014 Budget allow those with current ISAs to take advantage of the new limit between the present time and March 2015.

Mr David Gauke

The 2014 Budget announced that the annual ISA subscription limit for 2014-15 will stand at £15,000. The new £15,000 limit will take effect on 1 July 2014. From that date, for the first time ever, ISA savers will be permitted to deposit their full ISA allowance into either a cash ISA, a stocks and shares ISA, or split in any combination between the two.

Between now and the 1 July 2014, savers are permitted to deposit up to £11,880 into a stocks and shares ISA and up to half of this amount into a cash ISA. From the 1 July, subject to the terms and conditions of their accounts, they will be permitted to add additional funds up to the new £15,000 limit.