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Cash ISAs Face New Tax Rules
Description
Starting April 27, a 22% levy hits interest earned from cash held in stocks and shares ISAs, aimed at curbing gaming of the system as cash ISA limits shrink for under-65s. While cash ISA allowances drop to £12k, the overall ISA allowance stays at £20k—letting you split it between cash and other ISA types. Critics warn this could backfire, discouraging investment instead of promoting it. HMRC is tightening rules and blocking certain cash-like investments, with final regulations expected this autumn. Building societies urge clarity to update systems. The goal? Streamline ISA use and push people toward direct investing.
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