UK's ISA allowance freeze until 2030 could cost savers up to £56,500 due to inflation.

The UK's ISA allowance has been frozen at £20,000 until 2030, leading to potential losses for savers as it hasn't kept up with inflation. If adjusted for inflation, the allowance would be over £26,000 today. This freeze could cost savers with larger funds up to £56,500 by 2030, with over £11,000 already lost since the last tax year. Experts suggest raising the ISA allowance to benefit savers, especially as wages rise and income tax thresholds remain unchanged.

November 12, 2024
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