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Huge new cash ISA rules have been announced by Chancellor Rachel Reeves, impacting millions of savers.

The £20,000 tax-free ISA allowance is being slashed to £12,000, meaning savers will not be able to put as much away before being taxed.

Details were announced at the Budget on Wednesday and it may leave Brits thinking twice about whether to open ISAs.

READ MORE: Rachel Reeves 'tax raid' warning to anyone earning over £40,000

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Though the rule change has been confirmed it will not actually take effect until April 2027 - so it's still quite a long way off yet.

That means savers can still take advantage of the £20,000 rate for now.

Crucially, the new rules will only apply to savings made from April 202

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