Anyone with a Cash ISA, pension or savings given | U.Ok.Finance News
An replace has been issued to Cash ISA holders, pension savers and people with savings accounts following the change of tax 12 months this week.The tax 12 months modifications yearly on April 6. It implies that for varied savings, tax, pensions and different guidelines and limits, the new financial 12 months brings a new set of allowances to be adopted, to keep away from the shock of a nasty tax invoice later down the road. Financial consultants at investment platform Hargreaves Lansdown have issued steering to its clients about what all of it means for people with Cash ISAs, Stocks and Shares ISAs, personal pension funds, savings and different financial merchandise for this tax 12 months, working from April 6, 2025 to April 5, 2026.Despite widespread hypothesis that Cash ISA limits had been about to be altered by Chancellor Rachel Reeves, they continue to be set at £20,000 for the 12 months. But there are a raft of guidelines and limits to bear in mind of for the new tax 12 months.In a message to clients seen by the Express, Hargreaves Lansdown mentioned: “The new tax year is here. To help you make the most of your money this year, here’s a straightforward overview of tax allowances for 2025/26.“ISA Allowance: Remains at £20,000 across all ISAs, including a £4,000 allowance for Lifetime ISAs. You can now open more than one ISA of the same type in a tax year.“Pension Annual Allowance: Remains at £60,000 but can be as little as £10,000 for high earners or if you’ve accessed a pension.“Junior ISA Allowance: Invest up to £9,000 in a child’s future.“Personal Allowance: Earn up to £12,570 before paying tax.“Dividend Allowance: Remains at £500 this tax year. Any income received from dividends above the allowance is subject to tax at your marginal rate.“Capital Gains Tax Allowance: Remains at £3,000. The profit or gain made when you sell or transfer an asset that’s increased in value since you acquired it, which is above this allowance, is subject to tax.“Personal Savings Allowance: The amount of interest you can earn on your savings before you must pay tax on it is £1,000 for basic rate taxpayers, and £500 for higher rate taxpayers.”It added: “This is information only, and not advice. If you’re not sure what’s right for you, please seek advice. Tax rules can change, and benefits depend on personal circumstances.”
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