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In the last Budget, the Chancellor Alistair Darling spelled out new plans to help people with an ISA – a little product that could save even more money when linked to an offset mortgage.

ISAs were created by the Government at the start of the 21st century to help people save more, tax-free. Essentially they are vehicles whereby you invest a certain amount and all the profits are tax-free.

In the past, the £7,200 tax-free ISA limit was up to £3,600 in cash and the entire £7,200 available in stocks and shares – you could invest as much as half your £7,200 ISA in cash and the rest in stocks, or invest the whole £7,200 in stocks. This doubled in the case of couples, giving them a limit of £14,400 between them. Any profits made on this investment are tax-free – so cashing in on your ISA to the limit can save you a lot of money over the year.

But things are soon to get even better – thanks to the new Budget plans, those over 50 will have their ISA limit increased to £10,200 by this month, and everyone else will have their limits increased next year – for couples that’s more than £20,000 of tax-free savings. So that means for those over 50, it’s time to consider using the extra £3000 ISA limit to make the most of tax breaks – you can invest up to £5,100 in cash or invest the whole £10,200 in stocks – it’s up to you and your adviser.

You can also link these investments to your offset mortgage – over 50s can now link as much as £10,200 as means of reducing their mortgage loan as well as any income from the ISA during the year being tax-free.

So talk to your adviser about your new ISA limits and how much tax you are in line to save. Offset has been a great way to make the most of your money, tax-free, and now you can add a tax-free savings vehicle on top of that.

To stay abreast of current trends, news and comment on offseting mortgages visit the Offset Mortgage Blog.

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How to bag a bargain or make a quick buck online The British love of a good bargain is legendary. We’re also renowned entrepreneurs – if such a term can include setting up market stalls, re-gifting, selling on tickets and vouchers and offloading unwanted items at jumble sales. Why else would pre-credit crunch TV schedules be crammed with items such as ‘Cash in the Attic’, ‘Flog It!’ and …

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He had it all: charm, style, popularity, intelligence, success, and he was ridiculously handsome. Did I mention he was also dating a porn star? Tryon played the lead in the 1958 cult hit film I Married a Monster from Outer Space and would have starred alongside Marilyn Monroe in the uncompleted Something’s Got To Give. Bored with acting he thought he’d write, …

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Two shareholder votes in the last two days should ensure grim reality returns to the discussion of what the future holds for Edinburgh-based HBOS and Royal Bank of Scotland.

Most UK lenders have failed to pass on 1.5% cut on SVRs
Fourty-two out of 51 mortgage lenders with standard variable rates on Trigold have failed to pass on the full base rate cut. …

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Two shareholder votes in the last two days should ensure grim reality returns to the discussion of what the future holds for Edinburgh-based HBOS and Royal Bank of Scotland.

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Japan now faces a full year of recession, officials warned on Tuesday, in a protracted global economic slump that threatens big job losses and could doom the once mighty US auto industry.

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Former HBOS executive Jim Spowart has abandoned his attempt to drum up an alternative bid for the bank to keep it out of the hands of Lloyds TSB.

Tycoon gives up on his bid to find HBOS saviour
A BANKER has shelved his attempt to find another bidder for HBOS.

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A financier who tried to broker an alternative deal to the proposed takeover of HBOS has conceded defeat. Jim Spowart, who founded Intelligent Finance and Standard Life Bank, blamed UK Government ministers and a series of leaks for ending his campaign to stop the Lloyds TSB deal going through.

‘Angry Spowart throws in the towel over HBOS merger
HBOS RIVAL BID: Scots financier says politicians have put ego before the welfare of the people and jobs. financier brokering a possible rival bid for HBOS has abandoned his campaign.

Financier admits defeat in HBOS bid (ic Lanarkshire)
A financier who tried to broker an alternative deal to the proposed takeover of HBOS has conceded his defeat. Jim Spowart, who founded Intelligent Finance and Standard Life Bank, blamed UK Government ministers and a series of leaks for ending his campaign to stop the Lloyds TSB deal going through.

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We could begin with Peter Sastawnyuk. The 53-year-old businessman filled his £370,000 detached home with petrol canisters, sealed the locks, set tripwires and threatened to set the place alight. More than 40 of his neighbours were evacuated from the posh cul-de-sac on the edge of the Pennines from which Sastawnyuk sent his children to be educated at private school. But the cradle of his dreams …

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Nigel Gilbert, Lloyds TSB group marketing director, is understood to be in line for the top marketing role if the bank’s merger with HBOS goes ahead. Gilbert would take control of brands including Halifax, Bank of Scotland and Intelligent finance. It is thought that Lloyds TSB brands …

Handover turns ugly as car industry bailout row flares
An ideological battle has erupted between George Bush and Barack Obama, with the outgoing President baulking at proposals to prop up General Motors, once the world’s largest car maker, which could go bust by Christmas.