ISA allowance: The overall ISA savings limit is £15,240 for 2015/16 and will remain at this figure for 2016/17. You have two weeks to make the most of the allowance before the new tax year starts.
ISA allowance: With the end of the tax year creeping up, do you know your ISA allowances?
Two changes are proposed with effect from 6 April 2016. The following changes will be made to the existing regulations:
- Savers will be allowed to replace cash they have withdrawn from their account earlier in a tax year, without this replacement counting towards the annual limit for that year. This flexibility will be available in relation to both current year and earlier years’ ISA savings where provided for in the terms and conditions of a ‘flexible ISA’.
- The total an individual can save each year into all ISAs will be increased from £15,240 to £20,000 from April 2017.
Although interest rates remain low – don’t forget you can utilise a ‘stocks and shares ISA’, which could be a better option for many.
This article was originally published on Tuesday, March 22, 2016 – 20:38
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