Medical & Professional Autumn Statement 2023

Individual savings accounts (ISAs) Various reforms were announced for ISAs. From April 2024: ■ Investors will be allowed to make multiple subscriptions each year to ISAs of the same type. ■ Partial transfers of ISA funds in-year between providers will be allowed. ■ There will no longer be a requirement to reapply annually for an existing dormant ISA. ■ The innovative ISA will be expanded to allow investment in Long-Term Asset Funds and open-ended property funds with extended notice periods. ■ The minimum account-opening age for adult ISAs will be harmonised at 18, removing the current cash-only adult ISA for 16 to 17-year-olds. ■ Contribution limits will be unchanged. The government will engage with providers about permitting certain fractional shares contracts as eligible ISA investments. Venture capital schemes The sunset clauses for the enterprise investment scheme (EIS) and venture capital trusts (VCTs) will be extended from 6 April 2025 to 6 April 2035. 7 22 November 2023 ● AUTUMN STATEMENT