The Chancellor issued an “additional £5,000” update to UK banking customers during the delivery of his Spring Budget on Wednesday.
Mr Hunt shared Government plans after arriving in the Commons this afternoon (March 6), having started his Budget speech by saying that because the Government is “delivering the Prime Minister’s economic priorities, we can now help families not just with temporary cost-of living-support, but with permanent cuts in taxation”.
Part of the speech saw plans unveiled to reform the ISA system system to encourage more people to invest in UK assets.
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He said: “After a consultation on its implementation, I will introduce a brand new British ISA which will allow an additional £5,000 annual investment for investments in UK equity with all the tax advantages of other ISAs.
“This will be on top of the existing ISA allowances and ensure that British savers can benefit from the growth of the most promising UK businesses as well as supporting them with the capital to help them expand.”
The ISA will mean UK savers can invest an additional £5,000 – on top of the existing £20,000. The new ISA allowance will sit alongside the £20,000 that can be invested across other ISA wrappers currently available.
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