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NISA advice and tips from Martin Lewis on This Morning

Money savings expert Martin Lewis explains all about the replacement to the ISA, the NISA on ITV This Morning.

Martin says: “Tomorrow sees the biggest change to savings since 1999, when ISAs launched. That’s because on (July 1) ISAs transform into NISAs (new ISAs), meaning everyone can now put £15,000 into cash or shares savings without paying tax on it.”

What is a NISA?
Answer: It is a savings account you don’t pay take on.

How much can I put into a NISA?
Answer: The new tax year started on 6 April. From this date every UK over-16 got a brand new, bigger cash ISA allowance of £5,940 (up to £11,880 stocks and shares for over-18s).

Yet on 1 July, ISAs turn into new ISAs (NISAs), meaning you could choose to pay in:

· £15,000 to a cash NISA.

· £15,000 to a stocks and shares NISA.

· A mix of the two up to £15,000 in total.

16-18-year-olds can’t open an adult stocks and shares NISA, so their £15,000 must all be deposited into an adult Cash NISA.

NISA


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