Simpler Isa rules called "a good thing"

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Simpler Isa rules called "a good thing"

New rules for individual savings accounts (Isas) that could encourage more people to take advantage of them "can only be a good thing", a spokesperson for Moneyfacts has said.

From April 6th, all Isas will have an overall limit of £7,200, with £3,600 able to be saved in cash.

The rest of the Isa can be used for stocks and shares, while investors will also be able to transfer money saved in previous tax years from cash Isas to stocks and shares without impacting upon their allowance.

Michelle Slade explained that the changes are "going to make it better for anybody who wants to take out an Isa".

She also suggested that more attention be directed at promoting the changes, stating: "They probably should do something more to advise customers out there what is going on."

The amendment which allows consumers to save an additional £600 tax-free should make Isas "the first port of call" for savers.
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