Change in ISA rules 'a good thing for savers'
Teachers hoping to put aside some cash could benefit from simpler rules regarding ISAs, according to the Moneyfacts group.
Spokesperson Michelle Slade noted that customers could now contribute an extra £600 to the tax-free savings account
ISA rules will change in the new tax year which begins on April 6, with the division between mini and maxi-ISAs being lifted. All ISAs will instead have an overall limit of £7,200. The cash component of this sum, currently set at £3,000, will rise to £3,600.
Ms Slade commented: "They've simplified it a lot and that's going to make it better for anybody who wants to take out an ISA – it will be more attractive for them."
According to the Tax Incentivised Savings Association, up to 18 million savers in Britain have already put away almost £250 billion in ISAs.
Wesleyan for Teachers provides specialist financial planning tailored to teaching professionals.
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