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page 6

BUDget

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.

ISA investments

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.

ISA flexibility

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.

saver

The ISA limit will rise to

£15,240 for 2015/16.

So a

couple can then invest up

to £30,480 in a tax free

plan.

£