The UK ISA is expected to be launched which will support savers and open up UK retail investment opportunities for individuals. The UK ISA will have a £5,000 allowance in addition to the existing ISA allowance and will be a new tax-free product for people to invest in UK-focused assets although the Government will consult on the details from 6th June 2024 on how to implement it.
A reintroduction of British Savings Bonds was announced. These will be delivered through National Savings and Investments and will be launched in April 2024. This product will offer a guaranteed interest rate, fixed for three years although interest rates have yet to be released.
All other allowances to remain the same, pension annual allowance still £60,000 with money purchase annual allowance (MPAA) being £10,000. The ISA allowance is to remain at £20,000, Lifetime ISA £4000 and Junior ISA £9000.
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