{"id":25684,"date":"2024-01-16T13:55:42","date_gmt":"2024-01-16T13:55:42","guid":{"rendered":"https:\/\/smh.group\/?p=25684"},"modified":"2024-01-30T11:35:59","modified_gmt":"2024-01-30T11:35:59","slug":"isa-reforms-from-april","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/isa-reforms-from-april\/","title":{"rendered":"Individual Saving Account (ISA) reforms from April"},"content":{"rendered":"<p><strong>Reforms to individual saving account (ISA) rules coming into effect from 6 April 2024 will make ISAs more user friendly, most notably the move to allow multiple subscriptions of same-type ISAs in a tax year.<\/strong><\/p>\n<h2><strong>Multiple subscriptions<\/strong><\/h2>\n<p>It is currently only possible to pay into just one ISA of each type in a tax year. Multiple subscriptions will mean:<\/p>\n<ul>\n<li>Cash savers will be able to open new cash ISAs if better deals become available. Greater flexibility will mean some funds could go into a fixed-rate deal, with a reserve held in an easy-access cash ISA.<\/li>\n<li>Investors will be able to spread their investments over several different providers. For example, one stocks and shares ISA might be used for longer-term investments, with another \u2013 offering low dealing costs \u2013 used where regular trades are made.<\/li>\n<\/ul>\n<p>For 2024\/25, the annual \u00a320,000 ISA contribution limit will not see any change, with the \u00a39,000 Junior ISA and \u00a34,000 Lifetime ISA limits also frozen.<\/p>\n<h2><strong>Other changes <\/strong><\/h2>\n<p>Although details are still to be announced, the government\u2019s intention is that in future it will be possible to hold fractional share contracts within a stocks and shares ISA. Under existing rules, at least one full share must be held, even though the shares of some US tech companies can cost hundreds.<\/p>\n<p>Other changes to be introduced from April 2024 include:<\/p>\n<ul>\n<li>Partial transfers between ISA providers will be possible during the tax year. For example, if \u00a315,000 has been paid into a cash ISA since 6 April, \u00a35,000 could be moved to a different provider. Currently, the whole \u00a315,000 would have to be moved.<\/li>\n<li>The minimum account-opening age for cash ISAs is to be harmonised at 18. It will therefore no longer be possible for 16- and 17-year-olds to open a cash ISA \u2013 just a Junior cash ISA where the investment limit is somewhat lower.<\/li>\n<\/ul>\n<p>Any 16- and 17-year-olds without a cash ISA might want to open one while they still can \u00ad\u2013 by 5 April 2024 at the latest.<\/p>\n<p>Although not yet updated to the 2024\/25 tax year, HMRC\u2019s basic guide to ISAs can be found <a href=\"https:\/\/www.gov.uk\/individual-savings-accounts\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p>Our\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\"><strong><span style=\"text-decoration: underline;\">Yorkshire and Derbyshire based Accounting &#038; Business Advisory<\/span><\/strong><\/a>\u00a0can assist on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<span style=\"text-decoration: underline;\"><a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Changes to individual savings account (ISA) rules coming into effect from 6 April 2024 will make ISAs more user friendly, most notably the move to allow multiple subscriptions of same-type ISAs in a tax year.<\/p>\n","protected":false},"author":4,"featured_media":25685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[83,631,1174,1177,1178,1176],"class_list":["post-25684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-chartered-accountants","tag-individual-savings-account","tag-isa-rules","tag-multiple-subscriptions","tag-same-type-isas","tag-user-friendly"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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