Budget Summary - Savers and Investors

March 20th 2015

George Osborne has presented his 6th and final Budget before the coming election in May. We have summarised below some of the matters concerning savers and investors:

ISAs - increased flexibility

Regulations will be introduced in autumn 2015 to enable savers to withdraw and replace money in their cash ISA accounts without it counting towards their annual ISA subscription limit for that year.

Help to Buy ISA

In order to encourage and support first time house buyers to raise a deposit, the Government is to introduce a Help to Buy ISA from autumn 2015. The essential elements of the scheme are:

  • Maximum monthly savings to an account will be set at £200.
  • Maximum initial deposit will be £1,000.
  • A Government bonus amounting to 25% of the amount saved will be added to the account when saver buys their first home. The maximum bonus will be £3,000 based on achieved savings of £12,000.
  • The bonus is only available for the purchase of homes in the UK by first time buyers.
  • Accounts can be opened for 4 years, but once opened you can save for as long as you like.
  • The bonus is available on homes up to £450,000 in London or £250,000 elsewhere.
  • Only available to persons who are 16 years or over.
  • The accounts are open to individuals so a couple could have two accounts.

If you have any queries regarding the budget and what it means for you or your business please contact DSC Chartered Accountants on Harrogate 560547.