2023/24 ending

If you haven’t used your ISA investment limits for 2023/24, time is nearly up. To count as an investment for 2023/24 your money must be with your chosen bank, building society or other provider and earmarked for a new or existing ISA account before 6 April 2024. Adults are allowed to invest up to £20,000 which can be a mix of stocks and shares, cash, innovative finance and a lifetime ISA (up to £4,000). On top of this there’s a £9,000 ISA limit for children aged up to 16.

New for 2024/25

Although the ISA limits will be unchanged for 2024/25, a new type of ISA, the “British ISA”, will be launched later this tax year. You will be allowed to invest up to £5,000 a year but only in UK equities. A consultation on the new ISA runs until June 2024. We’ll keep you posted on developments.

ISA investment limits for 2024/25 are unchanged from those for 2023/24; £20,000 for adults and £9,000 for those under 18. However, a new type of ISA is planned for later in the tax year which will allow you to invest an additional £5,000, but only in UK equities.

This article has been reproduced by kind permission of Indicator – FL Memo Ltd. For details of their tax-saving products please visit www.indicator-flm.co.uk or call 01233 653500.