NISA (New ISA).
With effect from 1st July 2014 ISAs have evolved into a simpler savings product. The Treasury confirmed the changes on 19th March 2014. The Treasury have referred to this as a New ISA (NISA) to reflect the significantly increased limits and flexibility that will be available. The overall limit will be £20,000 per tax year.
The Government has also announced that they are abolishing the rule that says only half can be saved as Cash. Under the new rules you will be able to transfer previous years ISA savings freely between Stocks and Shares and Cash if you wish.
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