How do the upcoming ISA changes apply to over 65s?

Investors are facing major changes to ISA rules from April 2027 as the government tries to foster a culture of investing in the UK.The reforms, as confirmed in the 2025 Autumn Budget by chancellor Rachel Reeves, will see a new annual cash ISA limit of £12,000, down from the current £20,000 ISA allowance, for under 65s. The £20,000 annual ISA allowance – which also covers stocks and shares, innovative finance ISAs and lifetime ISAs – will remain.A new 22% charge on c