Savers trying to get around the new lower limit for cash ISAs are being warned after HM Revenue and Customs announced new rules aimed at stopping them. Currently, people can save up to £20,000 annually in cash ISAs, stocks and shares ISAs, or a mix of both.

But Chancellor Rachel Reeves announced in the Budget that, from April 2027, the annual adult cash ISA limit will be slashed to £12,000 . Only the over-65s will retain the full £20,000 annual cash ISA allowance.

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While the total tax-free limit remains £20,000, the Chancellor wants the remaining £8,000 invested in the stock market to help boost Britain's sluggish economy.

After the Chancellor unveiled the

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