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Article: Over-50s gear up for tax-free ISA boost
- Article from:
- The Independent on Sunday (London, England)
- Article date:
- September 13, 2009
- Author:
CopyrightCopyright 2009 The Independent on Sunday. Provided by ProQuest LLC. (Hide copyright information)
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In less than a month, millions of savers over the age of 50 will
receive a much-needed boost to their returns. From 6 October, the
amount of money they will be able to pay into an Individual Savings
Account (ISA) in a tax year will jump from 7,200 to 10,200. They can
invest an extra 3,000 into a stocks and shares ISA or up to 1,500
into a cash ISA and the rest into the stocks and shares element. If
everyone in the UK aged over 50 were to do this it would mean an
extra 63bn being sheltered from the tax man, according to Fidelity
International.
While an increased tax-free savings allowance is great news for
savers, there are fears that many will fail to take advantage of the
new limits. ...