New UK ISA Explained | British ISA
In this week's Government Spring Budget, Jeremy Hunt, our chancellor of the exchequer announced plans for a new "UK ISA / British ISA". Let's go through all the things you need to know.
The UK ISA / British ISA focuses on investing in UK businesses and will soon be made available to UK investors. This came as one of many announcements in the 2024 Spring Budget, which occurred this Wednesday just past.
As a quick summary an ISA or Individual Savings Account, are a type of account available in the UK that allows individuals to save or invest their money. Why these accounts are so popular? That's because the main benefit of an ISA is that you don't have to pay any tax on any of the interest, dividend or capital gains you earn.
Now there are several types of ISAs within the ISA family and they include
- Cash ISAs
- Stock & Shares ISAs
- Innovative Finance ISA
- Lifetime ISA
- Junior ISAs
and now, they have one more added to the list: the UK ISA.
Chapter Information (New UK ISA Explained | British ISA):
0:00 Introduction
0:26 ISAs Recap
1:30 UK ISA (British ISA)
🔹 UK ISA Consultation Papers: www.gov.uk/government/consultations/uk-isa-consultation#:~:text=At%20Spring%20Budget%202024%2C%20the,UK%2C%20while%20supporting%20UK%20companies.
🔹FTSE Growth: www.bloomberg.com/news/newsletters/2023-12-05/uk-stocks-ftse-100-index-had-a-truly-woeful-year?embedded-checkout=true
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#ISA #BritishISA #UKISA