The new ISA allowance introduced by the government has become extremely popular with older investors as it can be used for doubling their lump sum contribution. Under this new allowance, savers over 50 years are allowed to invest up to £10,200 tax free. With this new ISA allowance the government wants to encourage people to save especially during these difficult financial times. The ISA was first introduced in 1999 and since then the total amount a person can invest into an ISA went up to £7,200 which was increased to the over 50s to £10,200 in October last year.
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