Martin Lewis points Money ISA replace over Rachel | U.Okay.Finance Information
Cash skilled Martin Lewis has addressed the rumours swirling round Rachel Revees and the cuts to Money ISA limits she may very well be planning this yr. Martin returned on the latest episode of The Martin Lewis Cash Present Reside on Tuesday, March 18 for a new tax yr particular during which he took his viewers by varied modifications coming in April.In the course of the episode, Martin was requested by a member of his viewers, Debbie, about what to do now to guard your Money ISA from the Chancellor’s rumoured tax raid. It comes after widespread reviews, not refuted by the federal government, that the Chancellor is contemplating slicing the boundaries on the tax-free financial savings accounts down from the present £20,000 restrict all the way in which to £4,000.Debbie requested Martin: “Rachel Reeves is on about taxing Cash ISAs which are currently tax-free. Is she also on about minimising it to £4,000 instead of £20,000 a year? If that’s the case, what is the best thing to save in to protect your interest from tax?”Martin then replied: “I haven’t heard anything about taxing Cash ISAs.“The only rumour I’ve heard is about dropping the future allowance from £20,000 to £4,000.“Apparently it’s not coming in the Spring Statement, I don’t have that confirmed, that’s other people’s reports.“But it might come in the Autumn Budget, it’s still being considered no decision’s been made.”Martin then stated that though this isn’t confirmed, he wished to make it ‘plain for everyone’ that you just shouldn’t be pulling money out of your ISA.He continued: “Now if that’s right, and I haven’t spoken to the Chancellor on this so I don’t know, I just know everything I’ve read on it, let’s just make it plain for everyone. Some people say ‘take your money out of Cash ISAs’, that would be bonkers. Bonkers.“What it would mean is, you could put £20,000 in this year, you could put £20,000 in next year if she doesn’t drop it on April 6 and now you’ve got £40,000 but maybe the year after, I can only put £4,000 in. So I’ve only got £44,000 protected. Wouldn’t take money out of those! They’re still protected.“I think it would be very unlikely that they’d change that. The rumour is talking about being able to put less in Cash ISAs in future in order to try to encourage people to invest.“I don’t think that will work because people who want to save want to save and people who want to invest are different.“So I think it’s false equivalence but if they do it they’re talking about lowering the amount you can put in a Cash ISA – so don’t let that stop you putting money in a Cash ISA now, in fact you should be putting more in a Cash ISA.”The Martin Lewis Cash Present Reside March 19 episode continues to be out there to watch on catchup service ITVX.
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