Stocks and Shares ISAs Overtake Cash ISAs

Data from HM Revenue and Customs has revealed that the amount invested in Stocks and Shares ISAs has overtaken Cash ISAs for the first time. For the 2016/17 tax year, the amount invested in Cash ISAs stood at £39.2bn which is a drop of almost £20bn.

On the other hand, investments into Stocks and Shares ISAs increased by £1.2bn which meant total subscriptions were £22.3bn. These changes now mean that the total amount invested in Stocks and Shares ISAs stands at £315bn, whilst the total amount invested in Cash ISAs is £270bn.

This change comes as no surprise to many given the low interest rates being offered by Cash ISAs along with the introduction of the Personal Savings Allowance last year which entitles the basic rate taxpayer to receive £1,000 of interest tax-free each year. In fact, the number of people investing in Stock and Shares ISAs has increased which is perhaps a reflection of the fact that more people are choosing the stock market as one of their preferred investment vehicles.

Uploaded - 29 September 2017

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