In Budget 2014 it was announced that ISAs (Individual Savings Accounts) will be reformed.
From 1 July 2014 they will be known as NISAs (New ISAs) and there will be equal amounts permitted for cash or stocks and shares.
The new annual limit will be £15,000 from 1 July 2014 and this will apply for the 2014/15 tax year (6th April 2014 – 5th April 2015.)
As ISAs & NISAs are tax-free, they are not reported on the annual tax returns.
