MHA | Autumn Statement 2023 and what it means for ISAs schemes

Autumn Statement 2023 and what it means for ISAs schemes

Gary Doolan · November 24th 2023 · read

Money pot

A positive change to ISAs schemes allows savers multiple subscriptions

The Chancellor missed a trick by not increasing ISA allowances and introducing a British-focused ISA to stimulate greater investment in British PLC.

Despite a number of ISA-focused measures from the Chancellor, investors will be disappointed that allowances were maintained at £20,000 for cash, stocks and shares ISAs. There was also no word of a British focused ISA, which would encourage investors with an additional £5,000 allowance for investment into UK companies.”

The announcement that savers will be permitted to have multiple subscriptions of the same type of ISA from April next year in addition to allowing partial transfers is more positive. Such a move will enable investors to diversify funds across multiple providers in the same tax year, enhancing competitiveness with Cash ISA rates and giving holders greater control.

Inclusion of fractional shares being introduced within ISAs caters to younger, tech-savvy investors. Fractional shares give investors the opportunity to invest in big-named companies, often US based, that come with individual share prices that are out of reach for many individuals, trading at hundreds or even thousands of pounds per share.

What does the Autumn Statement 2023 mean for ISA's?

Watch our financial advisers outline the changes announced to ISA schemes in the Autumn Statement and share practical tips on getting the best from your ISA investments below:

Disclaimer & Risk Warning

MHA Caves Wealth is authorised and regulated by the Financial Conduct Authority (FCA), Financial Services Register number 143715.

This a marketing communication for general information only and is not intended to be individual investment advice, a recommendation, tax, or legal advice. The views expressed in this video are those of MHA Caves Wealth or its staff and should not be considered as advice or a recommendation to buy, sell or hold a particular investment or product. In particular, the information provided will not address your personal circumstances, objectives, and attitude towards risk. Therefore, you are recommended to seek professional regulated advice before taking any action.

Key Risks: Capital at risk. Past performance is not a guide to future performance. The value of an investment and the income generated from it can go down as well as up, and is not guaranteed, therefore you may not get back the amount originally invested.

Investment markets and conditions can change rapidly. Investments should always be considered long term.

MHA Moore and Smalley are authorised and regulated by the Financial Conduct Authority.

Check out our 10 Key Points from the Autumn Statement

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For further guidance

For further guidance on any of the tax measures discussed in this article, please contact your usual MHA advisor or contact us

Read the latest Autumn Statement 2023 commentary on our dedicated hub, where we will be providing resources, advice and practical guidance on what any new tax measures mean for you and your business, to help you prepare for and manage their impact.

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