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Individual savings accounts (ISAs) are a tax-efficient way to save and invest money.

There are two types of ISA:
  • Cash ISA similar to a normal deposit account except there is a limit to how much you can pay in each tax year (annual ISA allowance). Interest earned in a cash ISA is tax free.
  • Stocks and shares ISA invest up to your annual ISA allowance in the stock market. Resulting dividends are exempt from income tax and any profit from investments is free of capital gains tax.

The tax year runs from April 6th - April 5th. The adult ISA allowance for the 2018/2019 tax year was raised in the 2015/2016 tax year to 20,000.  This will remain the same for the tax year 2019/2020.

Under the new Individual Savings Account legislation, the full allowance may be split between a cash Individual Savings Account and a Stocks and Shares Individual Savings Account in whatever proportions the investor may choose.

Unlike pensions, any unused allowance cannot be carried forward.  Withdrawals can be made but the allowance, once used,  is not revived.  (The budget on 18 March 2015 proposed relaxing this in relation to cash ISAs only but this has not yet come into effect).

Help-To-Buy Individual Savings Account

This product was announced in the budget on 18 March 2015.

Broom Consultants can discuss the different ISAs available and how these might work alongside your wider investments.

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Broom Consultants Limited is authorised and regulated by the Financial Conduct Authority.