ISAs

The ISA investment limits for 2014/15 were announced in December 2013 as:

  2013/14 2014/15
Shares and cash ISA £11,520 £11,880
Cash only ISA £5,760 £5,940
Junior ISA and Child Trust Fund £3,720 £3,840

However, this Budget includes the announcement that from 1 July 2014 the ISA rules will be reformed to extend the investment limits to:

From 1 July 2014
New ISA – for shares and/ or cash £15,000
Junior ISA and Child Trust Fund £4,000

ISAs will also be permitted to hold peer to peer loans as investments, and possibly other debt securities.

Premium Bonds

Individuals have been limited to the amount they hold in premium bonds to £30,000 per person since 2003. This cap will now be raised as follows:

  • From 1 June 2014 : £40,000
  • From 2015/16: £50,000

There will also be two tax free prizes at the maximum level of £1 million awarded each month from August 2014.

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