Savings and investments

The overall annual Individual Savings Account (ISA) subscription limit for 2014/15 will rise from £11,520 to £11,880, of which up to £5,940 can be invested in cash. The subscription limit for Junior ISAs and the Child Trust Fund (CTF) will increase from £3,720 to £3,840.

For Share Incentive Plans (SIPs) the individual limits on the ‘free’ shares companies can award to employees for 2014/15 will rise from £3,000 to £3,600 per year. Meanwhile, the individual limits on the ‘partnership’ shares employees can purchase will be increased from £1,500 to £1,800 per year (or 10% of an employee’s annual salary).

The Save as You Earn (SAYE) annual subscription limit is also set to rise. The amount that employees can save and apply towards the purchase of shares for 2014/15 will be increased from £250 to £500 per month.