The UK government is contemplating increasing Individual Savings Account (Isa) limits, potentially raising them by £10,000 to £30,000. This change could result in substantial tax savings, with higher-rate taxpayers potentially saving £35,490 over 20 years in capital gains tax when investing in stocks and shares. The overhaul aims to stimulate investment in the UK, possibly by introducing an additional allowance for UK equities. Around 800,000 individuals invested the maximum amount in stocks and shares Isas last year, with many earning above £50,000.
Quote by Nigel Holland.
- Proposed Isa overhaul may increase limits by £10,000 to £30,000.
- Higher-rate taxpayers could save £35,490 over 20 years in capital gains tax.
- The aim is to encourage investment in the UK, possibly with an extra allowance for UK equities.
- Over 800,000 individuals maxed out stocks and shares Isas last year.
- Simplifying the tax system and promoting investment in UK stocks are key considerations.