The clock is ticking on ISA deadline

News

12 March, 2008

The last opportunity to use this tax year's individual savings account (ISA) allowance is fast approaching, warns the Financial Services team at Forbes Solicitors.

The 5th April 2008 is the deadline so individuals now have only a matter of weeks to make the most of their annual allowance. Peter Toner, Independent Financial Adviser with the firm says "If you haven't used up your ISA allowance, it is worth remembering that once the deadline has gone you cannot claim your ISA allowance from the previous year."

The rules for 2008 have changed, from the 6th April 2008 the annual ISA allowance is increasing from £7,000 to £7,200 of which up to £3,600 can be invested into a cash ISA. From this date the concept of Mini and Maxi ISA's has also been removed. This has been simplified to just stocks and shares and cash ISA's. All PEP's (Personal Equity Plans) will become stocks and shares ISA's and it will then be possible for individuals to transfer existing cash ISA savings into stocks and shares ISA's.

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