Autumn Statement 2023 and what it means for ISAs schemes

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.

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

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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.