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The Budget and New ISA Rules – Hot Topics Q & A

May 11, 2009 By Graeme Urwin

questionmarkQ. I am a bit confused with the budget changes on how much you can invest in a stocks and shares ISA and when.

I contacted my Bank who said they would get back to me with the answer, but 4 days later I am still   waiting. As I am over age 50, can I invest the full £10,200 now?

A. We are not surprised you are confused! The rules seem to get more and more quirky. Since you are over 50, yes you can invest the maximum £10,200 in this tax year, but only £7,200 now, and a further £3,000 after 6th October.

If you are 50, say on 1st February, then you have to wait until then to invest the extra £3,000. The under 50s get this increased allowance for the 2010/2011 tax year. 

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Filed Under: Investing, Q&A Tagged With: Investing, ISA allowance, ISAs, New ISA rules, Stocks and Shares ISA, The Budget

About Graeme Urwin
My passion is to help senior medics and dentists organise their finances to create their own strategy to achieve their goals in life. I do this impartially as I charge fees. Outside of work the words that best describe me are: family man, squash, badminton, jogging, travel, reading, archaeology, genealogy, writing a book on Robert the Bruce. I live in the hills of Northumberland in Rothbury and believe in living the life you love.