Chancellor George Osborne unveiled a "dramatic" change in the ISA system in today's Budget.
Cash and stocks and shares ISA allowances will be merged into a single vehicle dubbed the New ISA (NISA), with an annual tax-free limit of £15,000 from 1 July. ISA eligibility will be extended to peer-to-peer loans, and all restrictions around the maturity dates of securities held within ISAs will be removed. The government will also explore extending the ISA regime to include debt securities offered by crowdfunding platforms. Investors were previously allowed to invest £11,520 per year into a stocks and shares ISA, and £5,760 in a cash ISA, up to an overall limit of £11,520. Th...
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