Q. 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.
