Following the recent Budget delivered on 19 March 2014, savers will be able to invest up to £15,000 per annum into New Individual Savings Accounts (NISAs), either as cash or shares. At present, investors may invest £11,520 into ISA’s of which a maximum of £5,760 may be held as cash. This government attempt to reward savers is likely to prove very attractive to those looking to generate tax free interest and/or make tax free gains. For those with total personal income in excess of c. £42,000, a tax of 40% is charged on standard bank interest income and therefore the NISA option is likely to appeal to many hospital doctors.
The NISA’s become available from 01 July 2014.