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

Take a FREE 30-day no obligation trial. Call us free on 0800 612 0421 from 8am to 6pm today.

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


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 Credit Analyst at checkmyfile.

Related Articles

The rise and rise of Lego

In our office, Lego can be a contentious subject. Some people love it; they love collecting it and love playing with it. They check when new ranges come out and collect figures in the same way that they might have done as children, such is the appeal of the colourful building brick. Others see it as purely a child’s toy and cannot understand it. But it seems that this universal appeal to both children and adults alike has helped the Danish toy company push its revenue up 23% in the six months to 30 June, or £1.4bn.

The figures exceed those by toy giant Mattel, who have posted sales of £1.25bn for the same period. The inclusion of new Lego ranges for Jurassic World and Elves have helped build a net profit of £345m, despite a weak Da .....

3 Sep 2015 by

Kelly Luff


Personal Finance

Full Article

Contactless card payment increases

Shoppers are increasingly choosing to pay for goods using contactless technology, with the total amount spent rocketing 560% in the last 12 months alone. The data from MasterCard also showed that cardholders had doubled the number of times they tap to pay every year since 2012. Currently, shoppers are allowed to make payments of up to £20 without having to enter their PIN, but this limit has risen to £30 from September 1st in a move that will further boost growth, despite safety fears.

Critics argue that this will mean that if your card is stolen, the thief will be able to now pay for larger goods before the card is blocked by the bank. An investigation by consumer group Which? last month revealed that simple scanners can also clon .....

2 Sep 2015 by

Kirstie Brown


Personal Finance

Full Article

Rain helps UK retail

With another wash out bank holiday, it appears that retailers may have been praying for rain as sales increase

2 Sep 2015 by

Kelly Luff


Personal Finance

Full Article

Accepted Payment Methods: VISA, MasterCard and Direct Debit

© Copyright Credit Reporting Agency Ltd 2000 to 2015. All Rights Reserved.

United KingdomAustraliaGive Me Credit United States

Customer Feedback