Individual Savings Accounts (ISAs) Limits
However, this Budget includes the announcement that from 1 July 2014 the ISA rules will be reformed to extend the investment limits to:
ISAs will also be permitted to hold peer to peer loans as investments, and possibly other debt securities.
Individuals have been limited to the amount they hold in premium bonds to £30,000 per person since 2003. This cap will now be raised as follows:
- From 1 June 2014 : £40,000
- From 2015/16: £50,000
There will also be two tax free prizes at the maximum level of £1 million awarded each month from August 2014.