- The government will introduce a new Individual Savings Account (ISA) with a £5,000 allowance.
- This is in addition to the £20,000 that can be put into ISAs currently available. Investing into an ISA means individuals do not pay tax on interest on cash in an ISA or income or capital gains from investments in an ISA.
- A consultation on the new ISA has been launched.
- Timing: The consultation will close on 6 June 2024. The timeline by which to introduce the new ISA is one of the aspects of the new ISA which is under consultation.
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