Budget changes to ISA's
The annual investment allowance will be increased from £7000 to £7,2000 from 6th April 2008. In addition, the distinction between maxi- & mini- ISA's has been scrapped. In future the whole allowance can be used for cash ISA's.
Under the new rules mini ISA's, TESSAS-only ISA's and the cash elelement of maxi-ISA's will become cash ISA's
PEP's
With effect from 6th April 2008 all PEP investments will be re-branded as stocks and shares ISA's and will continue to be available for additional contributions.
NON-RESIDENCY - CALCULATION OF DAYS IN THE UK.
As previously advised, the 90-day rules remains unchanged but the calculation of the number of days in the UK has changed. The "travelling days" will cease to be part of the equation as from 6th April 2008. Instead, if you are in the country at midnight, then you will be counted as have been here for that day. So, effectively, this means that in future we will be counting the number of nights you were here!
For a full budget report go to our website.
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Anna