18 March 2015
withdraw funds from their account if they need them for any
other purpose. The maximum initial deposit will be £1,000 and
the maximum monthly saving thereafter will be £200. The new
scheme should be available from autumn 2015.
From summer 2015, the list of qualifying investments for ISAs
will be extended to include listed bonds issued by a co-operative
and community benefit society and small and medium-sized
enterprise securities (not just equities) admitted to trading on
a recognised stock exchange. As previously announced, the
government will explore the possibility of further extending
the list to include debt and equity securities offered via
crowdfunding platforms. There will be a consultation in summer
2015 and a response to the earlier consultation on how to
include peer-to-peer loans.
Individuals will be able to withdraw money from their cash ISA
and replace it in the year without it counting towards their
annual ISA subscription limit for that year. The change will be
introduced from autumn 2015, following technical consultation
with ISA providers.
Pension annuity sale
From April 2016, an individual who is already
receiving income from a pension annuity will be
able to sell that income to a third party, subject
to agreement from their annuity provider. The
proceeds of the sale can then be taken directly
or drawn down over a number of years and will
be taxed at the individual’s marginal rate(s). The
facility will not be available for annuities bought
by the trustees of occupational pension schemes.
In the hands of any purchaser of the
annuity, the income will be taxable as
trading income or miscellaneous income.
The ISA limit will rise to
£15,240 for 2015/16.
couple can then invest up
to £30,480 in a tax free