New 22% ISA charge confirmed from April 2027 - what savers need to know

Starting April 2027, a new 22% charge on Individual Savings Accounts (ISA) will be introduced to stop savers from bypassing new rules limiting the annual cash ISA contribution to £12,000 for those under 65. This measure aims to ensure that the benefits of ISAs are accessible to all eligible savers and not exploited through multiple accounts. This change will impact those planning to max out their savings, suggesting a need to reassess savings strategies and consider alternative investment options. It's crucial for savers to adapt their financial planning now to navigate these upcoming changes effectively.