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MONEY COMMENT
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With a larger than expected tax bill looming at the end of the month my husband has been casting around for a bit of extra money. So I was a bit alarmed when he produced the latest statement for his Cash ISA. 'Eek!' I shrieked. I was concerned about the fact that once you've put the maximum annual allowance of £3,000 into a Cash ISA, you can't replace any withdrawals you might make. So if he raided his ISA to top up his payment to the taxman, he wouldn't be able to replenish it later. In fact, what he's planning to do is to skim off some of the tax-free interest he's made so the core £3,000 wouldn't be hit and, in the circumstances, it's not a bad plan. It's what that particular ISA was set up for in the first place - unexpected bills. But it is alarming to think that, much as the Government wants us to save, it's still planning to reduce the annual £3,000 contribution limit to a paltry £1,000 from April 2006. That's why I didn't really want my husband to raid it. The Mirror has launched a campaign to try and persuade the Chancellor not to cut our ISA contribution limits in April 2006 and I'm right behind it. They say the average amount invested is £2,200 a year - more than double the proposed amount. Surely that's something that should be encouraged. So if you fancy dropping a line to your local MP to ask them to lobby the Chancellor about it, then please do so. Find out more about Cash ISAs; Fill Up Your ISA Before It's Too Late