Yesterday it was my eldest grandson’s 6th birthday; great fun with a Super Mario themed party for his friends to celebrate.
Today we see the birth of the New ISA (or NISA as it is becoming known).
Super ISA might have been a better title.
Not only have contribution limits been massively increased to £15,000 per adult but this contribution limit applies regardless of whether you want to invest in stocks and shares or cash.
Couple that contribution increase with the ability to transfer between stocks and shares ISAs and Cash ISAs (both ways now, previously you could only transfer to a stocks and shares ISA from a cash ISA) and Individual Savings Accounts have really come of age.
I wonder what the future holds for this new born?
With the changes introduced to the way in which pension plan benefits might be taken (Freedom and Choice in Pensions) combining ISA savings and pension plan savings together will I believe continue to form an important tax efficient way of saving for retirement.
Advice though might well be needed to get the best mix and balance of these tax privileged savings plans.
