We use a minimal number of cookies to enhance your browsing experience - you can change your settings at any time.
checkmyfile
The UK's only Multi Agency Credit Report

Take a FREE 30-day no obligation trial of the UK's best rated credit report service.




  
Forgotten Password? Not a Customer? Sign Up

FREE Multi Agency Credit Report

See more than twice the information compared to any other UK Credit Report

Our Credit Report Monitoring service features:

Multi Agency Credit Reports

FREE checkmyfile Credit Scores & Ratings

FREE Identity Theft Assistance

Independent, Impartial, Expert Advice

See your Credit Report FREE

30 Day Trial - Cancel Anytime

trustPilot

More about Multi Agency Credit Reports

Proud to be different

The UK's most detailed online credit report is backed up with outstanding customer service

ISA limits raised for 2014

Posted in 'Personal Finance' by Sam Twyford

21 October 2013

The tax-free annual allowance for ISA contributions in 2014 is expected to rise to around £11,760 from April next year, up from its current limit of £11,520 per annum.

Half of this amount can be deposited into a cash ISA - £5,880, while Junior ISA contributions will increase to £3,840 from £3,720.

The ISA allowance is calculated based on the rate of inflation from the previous year in September. This week it was revealed that September's inflation rate was higher than anticipated by the markets at 2.7%, compared with the expected level of 2.4 or 2.5%.

The formula for working out the increase in the ISA allowance involves taking the September Consumer Prices Index figure and applying this to the previous year’s allowance. By then rounding this up to the figure nearest divisible by £120, this makes it easier for savers to make a rounded monthly contribution.

ISA's allow individuals to deposit a certain amount each tax year to avoid paying tax on the amount earned through interest. This can be classed as a tax free savings or investment accounts as offered by a financial institution, which allows money to be split equally within the annual limit between savings accounts and investments such as shares and funds.

There are currently 15 million ISA accounts in the UK, but these are mostly cash ISA's with an average of £3,900 deposited in each.

Due to growing concerns of the number of ISA millionaires, there is rumour that the Treasury is considering placing a cap of £100,000on the total amount that can be held in an ISA to curb benefits for savers viewed as wealthy.

Due to the compounding interest impact of the amount in the ISA account over time, some savers have taken their savings to well over £1m.

Sam Twyford is a Credit Analyst at Checkmyfile, has a degree in Business Studies and is an Associate of the Institute of Credit Management. He can be contacted at sam.twyford@checkmyfile.com

Sam Twyford

Sam has a degree in Business Studies from Bristol University West of England, and is an Associate of the Institute of Credit Management. He is a County football player and has captained local teams at both Truro and St Ives.

Sam is a Product Manager at checkmyfile.

Related Articles

Brexit could add hundreds to summer holidays

Britons spend £1,310 on their summer breaks on average, but Prime Minister David Cameron warns that leaving the European Union could see holiday prices spike.

According to Asda Money, families spend £782 on holiday accommodation and transport and £529 on spending money. If Britain vote to leave the EU, the Prime Minister believes that the cost of the pound could fall by around 12% which would push costs up for travelling abroad.

David Cameron explains, “If we were to leave, and the pound were to fall, that would put up the cost of a typical holiday for a family of four to a European destination by £230.

“It could put up the cost of air travel, because if you are outside the single market then you would face all sorts o .....

27 May 2016 by

Jasmin Stopford

 in 

Personal Finance

Full Article

Chaotic scenes at the pumps in France for British holidaymakers

As summer looms and Brits start flocking to our continental neighbours for a much needed holiday break, it’s no surprise to hear that another French strike is disrupting Brits getting around France and now trying to get home.

A sneaky plan to keep Brits literally in the European Union, or French strikers aiming to cause maximum disruption to the country and its tourists - either way the disruption is hitting holidaymakers hard as fuel strikes across France have caused fuel shortages at ‘les pompes’.

The French fuel workers have been striking at eight of France’s main oil refineries, causing disruption to tankers trying to get the fuel to the desperate fuel stations. 20% of the countries fuel stations have reported ‘severe’ s .....

27 May 2016 by

Ben Ryland

 in 

Personal Finance

Full Article

The impressive cost of being on hold when calling HMRC

The maths might be a bit crude, but £97m is a hefty sum to spend on hold music

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2016. All Rights Reserved.

Authorised and regulated by the Financial Conduct Authority (690175)

United KingdomAustraliaGive Me Credit United States

Customer Feedback