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Making the most of your tax-free investment vehicles

While the UK government's budget received significant criticism after the initial excitement died down it is worth remembering that the amount which you can invest into Individual Savings Accounts (ISAs) has been increased from £7,200 to £10,200. For those in a position to look longer term with regards their investments and their savings the option to place more of your assets under a tax-free "umbrella" is something which should be considered as soon as possible.

Financial advisers fully expect a significant increase in ISA investments as and when the UK economy improves at a time when savings rates are still bumping along the bottom. Initially it will be the over 50s who will be able to take advantage of the change from 6 October with all other investors having to wait until the next tax year. Many people believe that while the increase in ISA allowances is useful in the longer term, the short-term problem of significantly reduced savings income should have been addressed. Savings rates in the UK are still only a fraction of what they were just 12 months ago and more and more UK pensioners are struggling to cover their regular bills.

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