22 November 2023
If you are covering the change to allow multiple ISA subscriptions of the same type, please see comment from Rachael Griffin, tax and financial planning expert at Quilter:
"The Chancellor's newly unveiled plan to allow multiple subscriptions to ISAs of the same type every year from April 2024 is a step in the right direction for invigorating the savings culture in the UK. However, the real issue at hand is the complexity of the current ISA system.
“The multitude of ISA options available can be daunting for the average saver, potentially deterring them from saving altogether. A more streamlined approach, such as consolidating cash and stocks and shares ISAs into a single, more straightforward product, could significantly reduce this complexity. This unification would encourage a broader section of the population to engage with saving and investing, balancing the accessibility of cash savings with the growth potential of stock investments
“It's about making saving and investing more accessible, understandable, and appealing to the average person.
“The Chancellor has also moved to align the age at which you can apply for an adult cash or stocks and shares ISA to 18. While this restricts 16 and 17 years old from applying for a cash ISA, it is a formality as they can still benefit from a junior ISAs with generous £9,000 annual limit. It then makes the multiple ISA subscriptions easier to implement.”
