ISA savings account limits increase
ISA savings accounts will offer people in the UK the chance to earn tax-free interest on up to £10,000 worth of savings, thanks to the new budget announced by Alistair Darling yesterday.
ISA savings account regulations have been changed by the government, enabling savers in the UK to earn more tax-free interest.Alistair Darling announced the move, which will see the tax-free allowance on ISA savings accounts increased to £10,200 from its current £7,200, as part of his new Budget yesterday.
Many banks, including HSBC and Barclays, have welcomed the move, which is aimed at encouraging people in the UK to save more of their income.
The director of savings and investments from Abbey, Alliance & Leicester and Bradford and Bingley, Reza Attar-Zadeh, also praised the move, adding: "We welcome the news out today that the ISA allowance is to increase by £3,000 to £10,200. This is a step in the right direction and hopefully will encourage people to save."
Other measures announced in the Budget included £1.7 billion worth of investment in job centres to help get unemployed Brits back to work.
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