No matter what your financial priorities are for 2017, it always pays to have an idea what’s coming up. Here, we present a few things you should be aware of for the coming year.
Key financial changes for 2017
As well as the new 12-sided £1 coin being introduced later this year, 2017 sees the introduction of a higher ISA limit. From April, you will be able to save up to £20,000 tax free in ISAs, up from £15,240 at present.
Don’t forget that you can split your allocation between Cash, Stocks & Shares, and Innovative Finance ISAs. If you choose to save in the new Lifetime ISA, this will also form part of your ISA allowance. For example, you could save £15,000 of your ISA allowance in a Cash ISA and invest the remaining £5,000 of your limit in a Stocks & Shares ISA.
Rules around flexible ISAs also mean that some accounts allow you to pay in and withdraw throughout the year without affecting your limit – your allowance is effectively your ISA balance at the end of the year, not the running total of payments/withdrawals, as used to be the case. Check with your ISA provider if your ISA is flexible.