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Home  »News  »Finance News

New ISA limits 'to save £63bn in tax'

14/09/2009

Over-50s are being urged to take advantage of the new ISA savings tax rules by Fidelity International. According to the firm, eight out of ten eligible investors are planning to take advantage of the increased tax limits and could save themselves £63 billion in the process. From October 6th, anyone aged over 50 will see the ISA limit increase 40 per cent to £10,200, which will be extended to all investors at the end of the tax year. This means that Brits will be able to invest an extra £3,000 into a stocks & shares ISA or an extra £1,500 into a cash ISA. Rob Fisher, head of UK personal investments at Fidelity International, said: "As the credit crunch starts to ease, we are now burdened with the tax crunch. "Rising taxes means every saver and investor in the country needs to optimise tax efficiency of their money now more than ever." According to unbiased.co.uk, Britons' savings levels grew to £21 billion in the three months to June after hitting an all-time low of £14 billion in quarter one. Get a free equity release guide and find out how you can get some additional income

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