Commenting on ISA limits confirmed in today’s Autumn Statement, Daniel Crowther, tax partner at KPMG, said:
“Tax exempt individual savings accounts (“ISA”s) have long been used by governments to encourage savers to set money aside each year and as usual the amount that can be contributed into an ISA is being increased. From 5 April 2014 the annual investment limit will be £11,880."
“Recently we have seen in the press that quite a number of smart investors have grown their ISA pots spectacularly to over £1m and this prompted speculation that the government would cap the amount that could be held in an ISA tax free."
“However there is no sign of this in the Autumn Statement so it seems that the challenge to be the first ISA billionaire is still on!”
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