2008/09 PEP and ISA Changes

 

HM Revenue & Customs’ changes to Individual Savings Accounts (ISAs) and Personal Equity Plans (PEPs).

The changes, which came into effect from 6 April 2008, are as follows:

• ISA savers are now able to invest in two separate ISAs each tax year; a Cash ISA and a Stocks and Shares ISA. These do not have to be invested with the same ISA provider. Mini and Maxi ISAs no longer exist;
• The annual ISA investment allowance has been increased to £7,200. You can invest up to £7,200 in a Stocks and Shares ISA or, alternatively, up to £3,600 of that allowance can be saved in a Cash ISA with the remainder being invested into a Stocks and Shares ISA;
• Individuals are now able to transfer money saved in their Cash ISA to their Stocks and Shares ISA.
• All PEPs will automatically become stocks and shares ISAs

This entry was posted on Monday, April 7th, 2008 at 12:14 pm and is filed under General News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.