Individual Savings Accounts
The question
To ask the Chancellor of the Exchequer, what assessment she has made of delaying the anti-circumvention rules for ISAs to April 2028.
Answered by Rachel Blake
At Autumn Budget 2025, we announced that, from 6th April 2027, the Cash ISA allowance will be reduced to £12,000 while the limit for Stocks and Shares and Innovative Finance ISAs will remain at £20,000. To ensure the reformed ISA limits operate as intended anti-circumvention rules are also required, and these will also operate from 6th April 2027.
The ISA industry is aware of the commencement date for the changes. We announced the nature of the rules the day after Budget and, following extensive engagement, announced the detail at Tax Update 2026 on 23 June. HMRC has published the draft regulations and is holding a technical consultation on them currently, prior to the regulations being laid in the Autumn and effective from 6 April 2027.
The resulting rules are as simple as possible for providers and consumers and retain maximum flexibility for consumers to build an investment portfolio that works for them.
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