Halifax, welcomes yesterday's announcement that the Individual Savings Account (ISA) allowance will be increased for all savers over the next two years.
Presenting the Budget, the Chancellor pledged to increase the amount savers can put aside in a tax-free ISA from £7,200 to £10,200, £5,100 of which can now be saved in cash. The overall ISA allowance was previously increased from £7,000 to £7,200 in the 2007 budget - a change which came into effect last April.
The latest increase comes into effect this year for savers over 50, and in the 2010/11 tax year for all other savers.
Flavia Palacios Umana, head of Halifax Savings products, said: "The decision to increase ISA allowances will be welcome news to savers who have seen their returns reduced significantly following a succession of base rate cuts. Now is a challenging time for savers, especially for pensioners who rely on returns to supplement their monthly income, and we are fully behind this move by the Chancellor to help savers make more of their money in this historic low rate environment."
Date: 22nd, April, 2009
Author: Malcolm Gerrard
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