Rachel Reeves ISA Reform: 2026 Cash ISA Limit Changes

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Chancellor Rachel Reeves's plan to slash the cash ISA limit from £20,000 to £12,000 for under 65 is facing significant hurdles. While scheduled for April 2027, months of Treasury talks have stalled over how to effectively tax uninvested cash held within investment accounts. Officials are reportedly weighing a 22% tax on interest earned from cash sitting idle in stocks and shares ISAs to prevent savers from using them as a loophole to bypass the lower cash cap.

The proposal has drawn fire for its complexity, as providers struggle to define at what point cash waiting to be traded becomes taxable. Furthermore, the decision to exempt over 65 allowing them to keep the full £20,000 allowance has been labeled ageist and a technical nightmare for banks to automate. For now, the 2026/27 tax year remains the final window for younger savers to utilize the full tax-free cash allowance before the new restrictions take effect.
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