View more on these topics

Budget 2015: Isa withdrawals won’t count toward annual tax-free limit

The Government has announced a “radically new” Isa framework allowing savers to withdraw money from their Isa without it counting towards their annual tax-free entitlement.

Chancellor George Osborne said following the reforms on pension freedoms, “there is more to do to create a savings culture”.

He said allowing people to take money out of their Isa without the sum counting towards the annual limit would be one of four steps to reforms savings and investments in the UK.

Other steps include the previously flagged cash for annuities reforms, a new Help to Buy Isa, and the scrapping of the savings tax on the first £1,000 saved.

Osborne added: “I believe people should be trusted with their own money.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. ?
    So if I have this right ?

    15k in today withdraw it tomorrow, ability to put it back in the day after and so on !

    Will we see the return of exit penalties (on both S&S & cash ISA’s) and lower returns (cant get much lower) on cash ISA’s ?

  2. Did not see or hear any comment on transferring CTFs to JISAs. Does anyone know if it is in the small print/ red book?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com