Percentage Depletion Allowance
During 2009 the ISA tax free savings allowance changed from £7,200 to £10,200 for those aged over 50. During the 2010/11 tax year the increased amount is being rolled out to all UK consumers that wish to open an ISA account or to contribute to an existing product. How can the new Individual Savings Account allowance be spent?
ISA Allowances Can be Used in Both Cash and Investment Accounts
As in previous years consumers can choose where to put their savings. They can use a cash or an investment ISA or a mix of the two. They cannot exceed their allowance of £10,200 but they do not have to use all of it in any given tax year. There are specific rules on how this can be allocated to each specific ISA type.
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