Over 50? Some Good News!

Earlier this year, it was announced that the over 50s could shelter up to £10,200 a year from the taxman in an ISA. ISA allowances increased with effect from 5 October 2009.

So, for those of you over 50, you can now save £10,200 a year in ISAs, including up to £5,100 a year into a cash ISA, which is a significant increase over the previous limit of £7,200 (of which £3,600 could be invested into a cash ISA).

This is an important change, as savings returns continue to dwindle in this low-rate environment. It is more important than ever for you to be astute when it comes to managing your savings, especially ensuring you are not paying unnecessary money to the taxman.

Therefore, our advice is to make use of your tax efficient ISA allowance as soon as possible.

For advice on Equity ISAs and/or Best Buys on Cash ISAs, please contact Richard James at our financial services arm, Coniscliffe Financial Planning, on 01325 349707.